There have always been occassional funds put together for special interest groups and sometimes for certain geographically areas to help 1st time home buyers but in most cases, they don't translate into anything other than a 2nd mortgage loan that is none to easy to qualify for.
However, for a short time, the City of Federal Way has a fund for 1st time homebuyers that are purchasing a pre-foreclosure, a short sale or a foreclosed (bank owned) home. They may grant up to 20% for a down payment, up to $30,000. There are no monthly payments and no interest! If you sell your home in less than 15 years, you will pay back the city at the time of the sale but if you own for 15+ years, there is no payback required!
This is by far one of the most generous and easy to qualify for down payment assistance plan I have ever seen! If you know someone that could benefit from this, pass it along!
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