There are myths running around, most pushed by the national media, that there is no more money to be lent out for home buyers. But that is not the case for the first time buyer in Washington.

Washington State has a plan, which has been around for many years to assist the first time buyer, called House Key State Bond. This program allows first time buyers get government subsidies to buy down their points. Those subsidies do have to be repaid in a recapture tax and what I can tell most first time buyers will not actually have to pay the recapture tax back.

Another big item to the House Key State Bond is a stipulation on the qualification process. To qualify for the program the first time buyer must take a Homebuyer Education Seminar, not a bad trade off in my opinion.

House Key State Bond is a program that we are going to see you a lot more in the coming years since the sub-prime market caved in on its self.

The dilemma for the first time buyer is that they really do not know the option is available to them. Why? With creative financing, I really dislike using creative and financing together...seems wrong, ya know, being so popular even the lenders do not know the option is available.

What can the Washington first time buyer to learn more about House Key State Bond? They can call my trusted lender and find out where to get started, aslo there is going to much more information coming.

Chris Ward
(425) 212-2589
cward@magloans.net