Home Buyer Programs Available in the Tri-CitiesPosted: Updated:
KENNEWICK, Wash - Buying your first home during hard economic times can be tough. But there are some programs available that you should know about.
The last thing a new homeowner wants to hear is that they missed out on some program enabling them to save a little money when buying their home..
Programs are available in Pasco, Kennewick and Richland for first time home buyers.
"That's defined as someone who hasn't owned a home for 3 years and you also have to meet income requirements." Says Joe Schiessel Planning & Development Manager with the City of Richland.
You must also make at least 80 percent of the median income in richland in order to qualify for the down payment and gap assistance program according to Schiessl.
"You also need to be able to qualify for a private bank mortgage so there is sort of a range of incomes that will qualify for the state's program." He says.
Also, for a limited time, borrowers who use Banner Bank for their primary mortgage may be eligible for an additional $6,000 in assistance.
In Kennewick , the city has hired contractor Ashley - Bertsch to tear down an old home and replace it with a new home for a low income first time home buyer. This new program is called the Infill program. "It's a 1,563 square foot house, 4 bedrooms 2 baths, walk in closet in the master bedroom. It's a beautiful home with neutral colors throughout" Says Carol Hughs-Evans with the City of Kennewick.
The house is located at 1002 East 7th Avenue in Kennewick and also requires some income qualification.
"There will be credit checks. Obviously we'd like a good credit history. We'll also be having some first time home buyer classes that we'll be paying for that they can attend" She said.
The home is appraised between $105,000 and $115,000. "The city of Kennewick will also approve $24,000 in gap financing for a gap down payment that would be at a zero percent interest rate." explained Evans.
And the City of Pasco also has a program called CHIP that stands for Community Housing Improvement Program that encourages revitalization and home ownership in older neighborhoods, through rehabilitation of existing homes as well as down payment assistance for first time home buyers.