Can I get down payment assistance if I’ve owned a home before? Yes. Generally, down payment assistance is intended to help FIRST TIME HOME BUYERS purchase a home they may not other wise be able to afford. However, the Washington State Housing Finance Commission’s definition of a first time home buyer is someone that has not owned a home in the last 3 years.
How do they know if I’ve owned before? To make sure you haven’t owned property in the last 3 years, the commission will collect 3 years worth of tax returns. They look at these tax returns to make sure you weren’t deducting any mortgage interest for owning a home.
So that’s all I have to prove? Not exactly. There are income limitations and acquisitions costs that you have to meet as well, but these can vary from county to county. So you need to find out what the exact criteria is for your specific area.
You also need to attend a workshop! The commission requires that you attend one of our free First Time Home Buyer workshops BEFORE you can take advantage of any of the First Time Home Buyer programs. They just want to make sure that you are aware of the pros and cons of owning a home before you make such a major decision.
Once you attend a workshop, you will receive a certificate that will allow you to apply for any of the state funded programs. If you’d like to attend one of our First Time Home Buyer workshops, go to our Calendar/Reservations page and register for one of our free classes. Don’t make such a huge decision before getting educated!