Previous posts covered the Washington State Legislature's efforts to get the Fed's $8,000 first time homebuyer credit available to the buyer for use as a downpayment at closing. The Governor has signed the legislation that allows the Washington State Housing Finance Commission to make the funds available, however the program's implementation has stalled at the IRS office.

A recent notice from Washington REALTORS® states they are working on alternatives to make this program available by the end of June.

Washington REALTORS® have provided the money to guarantee the program and all that is left is some sort of mechanism to ensure that when the borrower receives the $8,000 from the IRS, those funds are dedicated to pay off the bridge loan.

What can you do now?

Attend a Free Homebuyer Education Class: First Time Home Buyers can attend a Washington State Housing Finance Commission Sponsored Home Buyer Education Seminar; this 5-hour seminar is a requirement for receiving a loan from the Commission.

Steve Swanson is an instructor of First Time Home Buyer Seminars sponsored by the WSHFC.  Register online for his next class at www.helloRealEstate.net 

For a list of all the upcoming classes in the State of Washington sponsored by The Washington State Housing Finance Commission, visit www.WSHFC.org