You're a first-time buyer if you haven't owned a primary home in the past three years. Washington first-time buyers can use 3% down conventional loans, FHA (3.5% down), VA or USDA (0% down), and Washington State Housing Finance Commission down payment assistance, which requires a homebuyer education class.
A first-time buyer plan
- Pre-approval. Know your price range and cash-to-close before you tour homes.
- Assistance check. See whether WSHFC or local programs fit your income and price.
- Homebuyer education. Required for WSHFC programs; useful for everyone.
- Offer and contract. Your agent writes the offer; Kristen updates your letter for each address.
- Underwriting to closing. Appraisal, final approval, signing, keys.
Related: down payment assistance in Washington.
Common questions
Who counts as a first-time home buyer?
Anyone who hasn't owned a principal residence in the past three years, under the definition used by Fannie Mae, Freddie Mac, HUD and most assistance programs.
What's the least I can put down?
0% with VA or USDA if eligible; 3% conventional; 3.5% FHA. Assistance programs can cover some or all of that.