Washington Trust Bank is excited to help you fulfill your dream of home ownership. There are many benefits to owning a home and many things to consider before making the decision to buy.
Loan types available to first-time homebuyers
A Washington Trust Bank loan officer will explain all of your financing options and help you decide which loan is right for you. Keep in mind your income, debt, credit history and the amount of money you have saved for a down payment when determining which loan is the best fit.
The Federal Housing Administration (FHA) lets you finance up to 96.5% of home purchases and the Veterans Administration (VA) allows up to 100%.
State Bond Loans
First-time homebuyers with low-to-moderate incomes may obtain down payment assistance and benefit from expanded program guidelines designed to encourage homeownership.
USDA Rural Housing Loans
The United States Department of Agriculture (USDA) offers up to 100% financing for low-to-moderate income borrowers in designated rural areas.
Down Payment Assistance Program & Resources
- Housing counseling agencies
- Low-interest loan programs
- Affordable homeownership opportunities
- Washington State Housing Finance Commission
- Washington State Housing Finance Commission Down Payment Assistance
- US Housing & Urban Development
Common first-time homebuyer questions
Can the seller pay for my down payment?
No, the seller can’t pay your down payment. However, it can be negotiated to have the seller pay your closing costs.
How much of a down payment do I need to have?
You may be able to get into a new home with as little as 3.5% of the purchase price for your down payment. You may even qualify for a down payment assistance program.
What if I don’t have perfect credit?
Your credit history is not the sole deciding factor in the loan qualification process, but it is important. It will affect the interest rate you are given on your loan and it will determine the type of loan program you can be offered. While your score certainly doesn’t need to be perfect, it is important to try to maintain a good credit score.
Help improve your credit history by taking the following steps below:
- Get a copy of your credit report and read through it carefully —You can access a copy of your report at www.ftc.gov/bcp/menus/consumer/credit.shtm.
- Correct or dispute any errors on your credit report at https://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm.
- Maintain a good credit history going forward – make sure you are paying your bills on time and paying down your debt as much as possible. We recommend making more than minimum payments on your credit cards whenever possible.
- Check your credit report once a year at a minimum to make sure you know where you stand and can correct any errors.
If you need additional help increasing your credit score, you can receive credit counseling in a couple of ways:
- Call the Homeownership Hotline sponsored by WSHFC at 877.894.4663.
Or find a counselor near you: