First time homebuyers’ workshops coming to area

  • Mon Oct 26th, 2009 9:49pm
  • Life

By Daniel Nash

The Courier-Herald

Workshops for first-time homebuyers will be available to residents of Bonney Lake beginning tonight, Wednesday, and in Sumner Saturday.

The five-hour workshops will begin at 4 p.m. in Bonney Lake and 10 a.m. in Sumner.

A total of three workshops will be available in Bonney Lake and two in Sumner.

The Washington State Housing Finance Commission is sponsoring the workshops, which focus on those who qualify for state homeownership programs like state residents who range from low to moderate income levels.

The workshops are a requirement to qualify for such homeownership assistance programs.

John Washington of the Washington Home-buyers’ Association will lead the workshops.

Each will run the gamut of process of buying a home for the first time.

The workshop is a straightforward process, Washington said.

“Those of us involved, the instructors and the Homebuyers’ Association, aren’t here to promote ourselves,” he said. “It’s free to the public. It’s a service to ensure first-time homebuyers enter a major purchase with all the necessary information.”

Washington and a partner will discuss topics like budgeting, the loan application process, avoiding predatory lending, finding the best interest rate, the trappings of home inspections and negotiating the purchase transaction itself.

Though workshop attendance is requisite to homeownership finance assistance programs, a buyer can enter a contract before attending, as long as they attend before closing the transaction, Washington said.

Bonney Lake is the fourth highest-rated area in home foreclosures in the state and large tracts of land in upscale suburbs like Lake Tapps sit undeveloped.

The environment could prove ripe for purchasers of foreclosed homes.

The first workshop in Bonney Lake will take place at 4 p.m. today, Wednesday, at 18501 E 90th St.

Other workshops will be at noon Nov. 11 and 4 p.m. Dec 15 at the same location.

Sumner workshops will take place at 10 a.m. Saturday and Nov. 20 at 1116 Fryar Ave.

For reservations call Washington at 253-682-1157 or e-mail sieglindelytle@cbbain.com.