Reasons we can share your personal information	Does Sunrise Banks, N.A. Share?	Can you limit this sharing?
For our everyday business purposes – such as: to process your transaction, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	Yes	No
For our marketing purposes – to offer our products and services to you.	Yes	No
For joint marketing with other financial companies.	Yes	No
For our affiliates’ everyday business purposes – information about your transactions and experiences.	Yes	No
For our affiliates’ everyday business purposes- information about your creditworthiness.	No	We don’t share
For our affiliates to market to you.	No	We don’t share
For non affiliates to market to you.	No	We don’t share

What we do
How does Sunrise Banks, N.A. protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files and buildings.
How does Sunrise Banks, N.A. collect my personal information?	We collect personal information, for example, when you Open a Card Account or use your card Pay your bills or make a purchase Give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: Sharing for affiliates everyday business purposes- information about your creditworthiness, Affiliates from using your information to market to you, Sharing for non affiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates include financial companies such as University Financial Corp. dba Sunrise Banks.
Non affiliates	Companies not related by common ownership or control. They can be financial or nonfinancial companies. Sunrise Banks, N.A. does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between non affiliated financial companies that together market financial products or services to you. Our joint marketing partners include prepaid card companies.

Jul

2025

Real Borrowers, Real Reasons: What 1,000 People Told SoFi About Their Personal Loan Use

By Caren Weiner | Uncategorized | Comments Off

The past five years have presented many Americans with financial headaches of all sorts: high grocery costs, steep housing prices, job uncertainty, COVID-related setbacks, and more. To cope with busted budgets and expenses that just can’t wait, more and more households are borrowing money in the form of unsecured personal loans. As of April 2025, the average balance per consumer stood at more than $11,600, according to TransUnion®.

To learn more about why people get personal loans and how those personal loans are used, in April SoFi conducted its Real Borrowers, Real Reasons survey. We talked to 1,000 adults across the country who have taken out at least one personal loan in the past five years. More than one-third of them had secured two or more during that time period.

We asked them about their loan rates and terms, how much they borrowed, what they’ve been using the money for, and their experience managing the loan payments. Read on for the intriguing results.

Key Findings

Some highlights of SoFi’s 2025 Real Borrowers, Real Reasons survey:

• 58% of people borrowed less than $10,000.

• 43% of respondents have fully paid off their loan.

• Nearly half (48%) paid off their loan within two years.

• One in four people used their personal loan for debt consolidation, the most common motive.

• 64% reported interest rates of 9.00% or below.

• Even so, respondents most commonly identified high interest rates as the biggest challenge to managing their loans.

In analyzing the personal loan statistics, we found that people tended to borrow moderately (most took out less than $10,000) and pay their personal loans back promptly. Given the chance, the vast majority (79%) would do it all over again, since most people (65%) felt the loan left them in a better financial position.

However, one in five respondents felt their finances did not improve after the loan and, in retrospect, regret using a loan for the purpose they chose.

Who We Surveyed

• More than half of our respondents were Gen Xers (30%) and Millennials (31%).

• 27% were baby boomers and 11% members of Gen Z.

• ust over 75% identified themselves as White, with 10% identifying as Black or African American.

• Roughly 40% hail from the southern U.S., while fewer than 15% live in Western states.

• About 30% have incomes of $100,000 or more; almost 36% earn between $50,000 and $100,000.

• 6.6% had borrowed $50,000 or more.

What We Learned: Personal Loan Statistics

Here, take a closer look at how much people borrowed, for how long, and at what interest rate, along with other key findings from the SoFi Real Borrowers, Real Reasons survey.

Most People Borrow Less Than $10K

The majority (58%) of respondents took out personal loans of less than $10,000. Specifically, 23% accessed between $5,000 and $9,999, 25% borrowed between $1,000 and $4,999, and 10% secured less than $1,000. The most common use of funds by the “less than $5,000” club? Emergency expenses.

35% of Borrowers Have Multiple Personal Loans

Within the past five years, more than one in three respondents had taken out multiple personal loans, with over a quarter carrying two loans. Still, the majority (65%) limited their unsecured personal loans in the last half-decade to just one.

32% Repaid Their Loan Within Two Years

The amount of a personal loan usually correlates with its term length, so moderate loans are generally paid off in a few months or years. More than half of borrowers took on less than $10,000 in personal loan debt; nearly half of borrowers were able to pay off their loans within two years.

41% of Borrowers Received an Interest Rate Below 10.00%

More than four out of every 10 borrowers paid a rate between 5.00% and 9.00% on their loans. Almost one-quarter of respondents reported interest rates below 5.00%, while less than half that number are paying 15.00% or more.

Usually, the people with higher incomes were the ones scoring loan rates under 5.00% — but not always. Almost 35% of people earning $15,000 to $19,999 reported similarly low APRs.

Household income	Share with personal loan APRs of 5.00% or less
$250,000 – 299,999	34.6%
$200,000 – 249,999	41.0%
$125,000 – 149,999	31.0%
$30,000 – 34,999	31.5%
$15,000 – 19,999	34.8%

53% of Borrowers Are Still Repaying Their Loan

More than half of borrowers are still in the process of paying off their most recent personal loan, compared to 43% who’ve fully paid it off.

Sizable subsets of borrowers reported that they had paid off their loans promptly or, in some cases, ahead of time. For example:

• 33% of people with one- to two-year loans were able to pay them off in 12 months or sooner.

• 30% of people with three- to four-year terms were able to pay off their loans in two years or less.

Why People Took Out Personal Loans

The uses of personal loans are many and varied, and SoFi’s survey respondents named an array of reasons for taking out personal loans. Some had big plans for the money, such as renovating their home, buying a car, traveling, or hosting a wedding.

Other borrowers had needs that they hadn’t foreseen, such as emergency expenses (say, needing a major household or car repair or being hit with a sky-high medical or dental bill).

Read on to see the specifics.

25% Used Their Loans to Consolidate Debt

Refinancing existing debt is a classic strategy for shrinking your monthly bills, and one-quarter of our survey respondents cited debt consolidation as their loan’s primary purpose.

Fully 70% of that group used the money to consolidate credit card debt, a smart move given how much lower personal loan rates can be. For example, in February 2025, the average 24-month personal loan rate was 11.66%, while the average credit card APR (annual percentage rate) was 21.37%.

By securing a debt consolidation loan, 81% of people reported that the move lowered their monthly payments.

20% Put Their Personal Loan Toward Home Improvement or Renovation

One in five people said they borrowed money for home improvement or renovations. These respondents tended to take on practical projects, such as remodeling the kitchen or bath (22%) or repairing their property’s roof or foundation (20%).

Another 15% used a personal loan to consolidate debt from previous loans, including payday loans.

Almost half of the group (48%) said the changes were necessary repairs or safety upgrades. More than a quarter (28%) of the borrowers revamped their homes in order to reflect their personal comfort or lifestyle.

Roughly 18% used the money to make changes that would improve their home’s property value. Fewer than 5% said the renovations were made in preparation for selling their homes, whether that involved updates or staging fees.

17% Snagged a Personal Loan to Buy or Repair a Car

Financing a car with a personal loan can offer some benefits over getting a car loan, including less buyer risk, freedom from a down payment, more power in negotiations, and potential savings on car insurance.

Indeed, among the survey respondents who said they used personal loans for car expenses, 43% said they bypassed auto loans because a personal loan came with better terms and lower rates. One in four felt it was simpler to apply for the personal loan than an auto loan.

Of those who used their personal loans for automotive costs, 70% said they spent the money to buy a vehicle. More than half of them (or 39% overall) opted for used cars rather than new ones (31% overall). Almost one-quarter (24%) reported they used their loan for major auto repairs.

15% Paid Emergency Expenses With Their Loan

Due to financial uncertainty and the steady squeeze of inflation, Americans’ savings rate has plunged since 2020. The 15% of respondents who used personal loans to deal with emergencies pointed to housing issues (29%), income gaps due to job loss (25%), and medical or dental needs (17%).

More than 60% of this group said they had no rainy-day savings or other financial resources to help them through the emergency.

About 14% Used the Loan for Medical or Dental Bills

Even those who have health insurance may not find 100% of medical costs covered, thanks to deductibles and copayments. That may be why 7.6% of all borrowers used personal loans to pay their medical expenses. Of that group, three out of five people specified paying for emergency care, surgery, or dental needs.

An additional 4.1% of all borrowers said they were paying medical bills as part of debt consolidation. Also, of the 17% who used their loans for emergency expenses, about two dozen people (2.6% of all respondents) reported that the emergency involved medical or dental costs.

8% of Borrowers Spent Their Loans on Fun Events

Not all personal loans are used for stressful emergencies. Almost one in ten borrowers had positive plans for the cash they received (think a wedding or travel).

Travel

Getting out of town has gotten pricier, with airfares soaring 25% in the past year. To help cover any shortfalls, 5% of respondents secured vacation loans. Almost two-thirds of this group used their money for leisure travel, and most of the rest (22%) spent their cash on family visits.

Weddings

The large majority (82%) of those who took out wedding loans borrowed up to half the total cost of their nuptials. For almost two-thirds of all wedding borrowers (64%), the loans paid 25% to 50% of the expenses.

More than one in three couples (36%) put their loan proceeds toward securing the right venue for their ceremony or reception. Almost one quarter (24%) used the money to have the festivities captured on film or video. One in five spent the cash on drinks and catering for their guests.

Family Planning

Raising a family is expensive, but only a small share of survey respondents (1.7%) used their most recent personal loan to pay for family planning expenses.

Among this group, fertility treatments motivated 17% of borrowers, while 38% cited child care costs.

The Borrower Experience

Taking out and then paying off an unsecured personal loan can be a smooth transaction — or it can be bumpy. Many of our survey respondents opted to keep things simple by working with a bank or credit union they were already familiar with. Even so, a majority (58%) of all participants reported issues with high interest rates, monthly payments, or lining up a satisfactory lender.

42% Borrowed From Their Current Bank or Credit Union

More than four in 10 respondents chose to borrow from a familiar source: the bank or credit union where they already have accounts. This arrangement typically allows for the greatest convenience when making monthly payments.

Some borrowers searched farther afield, with 10% of all respondents saying that choosing the right lender was the hardest part of their loan experience.

37% Said It Was Easy to Manage Their Loan

Borrowers with fixed income often found their personal loans’ unvarying monthly payments to be manageable. In our survey, most retirees with loans (58%) said that it was not a challenge to manage their personal loans. Employed workers were far less likely to say that, whether they work part-time (29%) or full-time (32%).

30% Cited High Interest Rates as Their Biggest Challenge

Three in 10 participants in our survey told us that borrowing costs were the toughest aspect of servicing their loans. Among respondents who found loan management challenging (629 respondents or 63%), almost half (299 or 47.5%) blamed it on high interest rates. This was the case for more than one-third (34%) of full-time workers.

Fully one-third (33.3%) of respondents in the Northeast singled out high interest rates as their biggest challenge.

18% Struggled to Make Monthly Payments

Fewer than one in five respondents to SoFi’s Personal Loan Survey found payments difficult. The western US represents the largest share of respondents (23.3% or roughly one in four) who say they had difficulty making the monthly payments on their personal loan.

2% of Borrowers Defaulted or Went into Collections

Just a handful of respondents ended up being seriously delinquent on their personal loans, leading to default or collection actions against them. Personal loans are typically unsecured, so there’s little risk of losing collateral — but in some cases, borrowers can be sued and have their wages garnished for repayment.

89% of Respondents Were Happy to Use a Loan for Their Chosen Purpose

Almost 90% of people say they have been satisfied with their loan. That said, roughly 11% of borrowers say using a loan for their chosen purpose was a mistake, with 9% saying they “somewhat” regret the loan. And indeed, when asked to consider whether they’d make the same choice again, 21% of all respondents answered “no.”

Good News! 65% Are Better Off Financially After Their Most Recent Personal Loan

Almost two-thirds of survey participants said that, over time, their loans helped improve their financial situation. Fifteen percent, or about one in seven people, aren’t ready to make that judgment yet.

The Takeaway

SoFi’s Real Borrowers, Real Reasons survey sheds light on the who, how, and why aspects of personal loans as 1,000 people revealed their experiences. Most borrowers in our survey were able to secure loan rates well below the national average, which may help explain how 63% of respondents were able to pay off their loans in two years or less. Almost two-thirds concluded that the loan left them in a better financial position, whether they used it for emergency expenses or fun spending.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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SOPL-Q225-105

Date	U.S. Rate
9/19/2024	8.00%
7/27/2023	8.50%
5/4/2023	8.25%
3/23/2023	8.00%
2/2/2023	7.75%
12/15/2022	7.50%
11/3/2022	7.00%
9/22/2022	6.25%
7/28/2022	5.50%
6/16/2022	4.75%
5/5/2022	4.00%
3/17/2022	3.50%
3/16/2020	3.25%
3/4/2020	4.25%
10/31/2019	4.75%
9/19/2019	5.00%
8/1/2019	5.25%
12/20/2018	5.5%
9/27/2018	5.25%

Jul

2025

Washington First-Time Home-Buying Assistance Programs & Grants for 2025

By Dana Jennings Jelter | mortgage | Comments Off

Washington First-Time Home-Buying Assistance Programs & Grants

With its abundance of forests, mountains, and water, Washington is an incredibly beautiful state. It’s also a great place to work: The ever-booming tech scene has created numerous job opportunities. It’s no wonder then that so many people, including first-time buyers, are looking to purchase a home in the Evergreen State.

But living in Washington isn’t necessarily cheap: Homes sell for an average of $611,301, according to Zillow, which is substantially higher than the U.S. average of $367,969.

If you’re a first-time homebuyer in Washington, however, several first-time homebuyer programs in the state may help you save on your first home, and other resources can make purchasing property more affordable. Read on for details.

Who Is Considered a First-Time Homebuyer in Washington?

In Washington, anyone who hasn’t owned a home in the last three years is considered a first-time homebuyer. Some programs may offer access to those who don’t fit this mold — if you purchase a home in a target area or are an honorably discharged veteran, for example — so it can be worthwhile to check the fine print.

💡 Quick Tip: You deserve a more zen mortgage loan. When you buy a home, SoFi offers a guarantee that your loan will close on time. Backed by a $10,000 credit.‡

3 Washington Programs for First-Time Homebuyers

First-time homebuyer programs in the state are accessible through the Washington State Housing Finance Commission’s Here to Home homeownership site. The programs may have certain requirements, including income caps and purchase price maximums. However, if you meet the criteria, you can save on the interest with special mortgage loans or get down payment and closing cost assistance.

WSHFC: Home Advantage Program
WSHFC: House Key Opportunity Program
WSHFC: Down Payment Assistance

1. WSHFC: Home Advantage Program

This first-mortgage loan program can help homebuyers with a household income under $180,000 (no matter your family size or location) get a low-interest rate on a mortgage.

You’ll need to attend a free Homebuyer Education Seminar. Once you receive your certificate of completion, contact a Commission-Trained loan officer to see if you qualify for the program.

2. WSHFC: House Key Opportunity Program

This program offers the best loan terms for first-time homebuyers with low to moderate incomes (meaning those who have never owned a home or haven’t owned and occupied a home in the last three years) or who are looking to purchase a home in a target area.

There are income and acquisition cosst limits you must meet, and you will likely need a credit score of at least 620. Plus you will also need to attend a free homebuyer education course offered by WSHFC.

3. WSHFC: Down Payment Assistance

If you take out a mortgage through either of the above WSHFC programs, you may also be eligible for its Down Payment Assistance program, which provides, on average, $10,000 to be used toward a down payment. The loan is likely to be deferred, and you won’t have to pay until the mortgage is paid off or you sell or transfer the property.

To qualify, you must have a household income within certain limits and a credit score of 620 or more. Using an online mortgage calculator can help you see how much you’d pay for a home loan each month and size up various options.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Pair up with a local real estate agent through HomeStory and unlock up to
$9,500 cash back at closing.^‡ Average cash back received is $1,700.

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How to Apply to Washington Programs for First-Time Homebuyers

First you must meet the program’s qualifications, as outlined above. In addition, you may need to attend a free Homebuyer Education Seminar. The next step in the process is to contact a loan officer trained by the commission to see if you qualify. Find out more at the WSHFC website .

Federal Programs for First-Time Homebuyers

A number of federal government programs exist for people with low credit scores or limited down payment funds. Although they are sometimes for repeat homeowners, these national programs can be very helpful for people who are buying a first home or who haven’t owned a home in several years.

The mortgages are generally for single-family homes, two- to four-unit properties that will be owner-occupied, approved condos, townhomes, planned-unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Here are a few key points to note:

• Homebuyers choose from a list of approved lenders participating in the FHA loan program. Loans offer competitive interest rates and require down payments of 3.5% of the purchase price. Borrowers typically need FICO® credit scores of 580 and up. A buyer with a score as low as 500 must put down 10% or more.

• FHA loan limits in 2025 range from $524,225 for single units to $1,008,300 for four-unit properties, with higher limits in high-cost areas.

• In addition to examining your credit score, lenders will typically look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA allows a DTI of up to 57%, vs. a typical 45% to 50% maximum for a conventional loan.

• If you are lucky enough to receive gift money for the down payment, that is often allowed from certain donors and will be documented in a gift letter for the mortgage.

• FHA loans always require mortgage insurance premiums (MIP): This includes a fee of 1.75% of the base loan amount, which can be rolled into the loan, upfront. Borrowers also carry annual premiums for the life of the loan. As of 2025, monthly MIP for new homebuyers is 0.15% to 0.75%. A down payment of at least 10% allows the removal of mortgage insurance after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be about $137.

Want to learn more about these loans, including FHA loans for refinance and rehab of properties? Read up on FHA requirements, loan limits, and rates.

Freddie Mac Home Possible Mortgages

Low- and very low-income borrowers may make just a 3% down payment on a Home Possible® mortgage. Consider these points:

• These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.

• The Home Possible mortgage is for buyers who have a credit score of at least 660.

• The Home Possible mortgage is for buyers who have a credit score of at least 660. Once you pay 20% of your loan, the mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

HomeReady® Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like those offered by the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site .

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of all income levels who have a credit score of 620 or better and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.

Department of Veterans Affairs (VA) Loans

Active members of the military, veterans, reservists, and surviving spouses who are eligible may apply for loans backed by the Department of Veterans Affairs. Here are some of the advantages:

These loans designed for those who serve our country do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.

• VA loans, which can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

• VA loans do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%.

• These loans have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.

Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA, so make sure to review a guide to qualifying for a VA loan as a first step in the process.

💡 Quick Tip: A VA loan can make home buying simple for qualified borrowers. Because the VA guarantees a portion of the loan, you could skip a down payment. Plus, you could qualify for lower interest rates, enjoy lower closing costs, and even bypass mortgage insurance.†

Native American Veteran Direct Loans (NADLs)

These no-down-payment loans for eligible Native American veterans and their spouses may be used to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee. You can learn more about these loans by emailing [email protected].

US Department of Agriculture (USDA) Loans

No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also issues loans to low- and very low-income people directly. For loan basics and income and property eligibility, head to this USDA site .

HUD Good Neighbor Next Door Program

If you are a police officer, firefighter, emergency medical technician, or teacher, you may qualify for an affordable path to homeownership in the area you serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years.

Visit the HUD program page for more information.

First-Time Homebuyer Stats for 2025

Here are a few numbers to know about homebuyers in America:

• Percentage of buyers nationwide who are first-time buyers: 24%

• Median age of first-time homebuyers: 38

• Median down payment for first-time homebuyer: 9%

• Average home price in Washington: $611,301

• Median list price in Washington: $624,650

• Percent of sales over list price in Washington: 38%

• Percent of sales under list price in Washington: 37%

• Average credit score of homebuyer in Washington: 735

Financing Tips for First-Time Homebuyers

Now that you know the mortgage basics for a first-time homebuyer in Washington, here are other financial strategies that may help you purchase a house.

• Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. A first-time homebuyer, for the purposes of IRA withdrawals, is someone who has not owned a principal residence in the last two years.

You will still owe income tax on any IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside is that large withdrawals may take a sizable bite out of your retirement savings.

• Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of those contributions for any reason, though you need to have held the account for five years.

You can also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.

• 401(k) loans. If your employer sponsors and allows borrowing from a 401(k) plan, you can consider taking a loan against the 401(k) account to help finance your home purchase.

With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, within a 12-month period without incurring taxes or penalties.

• State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.

• The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction.

To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often, the savings from the lifetime of the credit can outweigh these fees, however.

• Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses. It can be worthwhile to check with your benefits team to see what may be available.

• Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

Finally, using an online home affordability calculator can show you how much house you can afford.

The Takeaway

First-time homebuyers in Washington may qualify for one of the state’s programs designed to help them save money on a mortgage, down payment, and closing costs. There are also other options, such as federal and conventional loans, that can help them achieve their goal of owning a home in the Evergreen State.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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FAQ

Should I take first-time homebuyer classes?

It can be a smart move. First-time homebuyer classes can help familiarize you with the lingo involved with buying a home, as well as important principles and steps to follow when purchasing a property. First-time homebuyer classes are also required for many government-sponsored loan programs. And for everyone else, this experience is a great way to get acquainted with the home-buying process before you dive into your search in earnest.

Do first-time homebuyers with bad credit qualify for homeownership assistance?

Often they do. Many government and nonprofit homeowner assistance programs are available to people with not-so-great credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. Almost any lending program has credit qualifications, so do your research.

Is there a first-time veteran homebuyer assistance program in Washington?

Yes. WSHFC has a Veterans Downpayment Assistance Loan Program that can help first-time veteran homebuyers with up to $10,000 in assistance with a down payment on a home. The U.S. Department of Veterans Affairs also offers home loans to servicemembers, veterans, and eligible surviving spouses.

What credit score do I need for first-time homebuyer assistance in Washington?

Credit score requirements vary, depending on the homebuyer assistance program. For example, the Down Payment Assistance Program offered by WSHFC requires a credit score of 620, but exceptions occur.

What is the average age of first-time homebuyers in Washington?

The average age of a first-time homebuyer has increased to an all-time high of 38, according to data from the National Association of Realtors®.

Photo credit: iStock/MarkHatfield

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

^‡SoFi On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will provide you $2,000.^ Terms and conditions apply. This Guarantee is available only for loan applications submitted after 6/15/22 for the purchase of a primary residence. Please discuss terms of this Guarantee with your loan officer. The property must be owner-occupied, single-family residence (no condos), and the loan amount must meet the Fannie Mae conventional guidelines. No bank-owned or short-sale transactions. To qualify for the Guarantee, you must: (1) Have employment income supported by W-2, (2) Receive written approval by SoFi for the loan and you lock the rate, (3) submit an executed purchase contract on an eligible property at least 30 days prior to the closing date in the purchase contract, (4) provide to SoFi (by upload) all required documentation within 24 hours of SoFi requesting your documentation and upload any follow-up required documents within 36 hours of the request, and (5) pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. The Guarantee will be void and not paid if any delays to closing are due to factors outside of SoFi control, including delays scheduling or completing the appraisal appointment, appraised value disputes, completing a property inspection, making repairs to the property by any party, addressing possible title defects, natural disasters, further negotiation of or changes to the purchase contract, changes to the loan terms, or changes in borrower’s eligibility for the loan (e.g., changes in credit profile or employment), or if property purchase does not occur. SoFi may change or terminate this offer at any time without notice to you. ^To redeem the Guarantee if conditions met, see documentation provided by loan officer.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

SOHL-Q225-237

SoFi Blog

Tips and news—for your financial moves.

Facts

Why?

What

How?

Questions

Who We Are

Key Findings

Who We Surveyed

What We Learned: Personal Loan Statistics

Most People Borrow Less Than $10K

35% of Borrowers Have Multiple Personal Loans

32% Repaid Their Loan Within Two Years

41% of Borrowers Received an Interest Rate Below 10.00%

53% of Borrowers Are Still Repaying Their Loan

Why People Took Out Personal Loans

25% Used Their Loans to Consolidate Debt

20% Put Their Personal Loan Toward Home Improvement or Renovation

17% Snagged a Personal Loan to Buy or Repair a Car

15% Paid Emergency Expenses With Their Loan

About 14% Used the Loan for Medical or Dental Bills

8% of Borrowers Spent Their Loans on Fun Events

Travel

Weddings

Family Planning

The Borrower Experience

42% Borrowed From Their Current Bank or Credit Union

37% Said It Was Easy to Manage Their Loan

30% Cited High Interest Rates as Their Biggest Challenge

18% Struggled to Make Monthly Payments

2% of Borrowers Defaulted or Went into Collections

89% of Respondents Were Happy to Use a Loan for Their Chosen Purpose

Good News! 65% Are Better Off Financially After Their Most Recent Personal Loan

The Takeaway

Send money to over 30 countries – seamlessly.

Compare HELOC rates in Sacramento.

Introduction to HELOC Rates

What Is a HELOC?

The Draw Period

The Repayment Period

Where Do HELOC Interest Rates Come From?

Variable vs. Fixed Interest Rates

How Interest Rates Impact HELOC Affordability

HELOC Interest Rate Trends

Historical Prime Interest Rate

Tools & Calculators

How to Qualify for a Competitive HELOC Rate

Improve Your Credit Score

Calculate Your Debt-to-Income Ratio (DTI)

Current HELOC rates by state.

Application Process for a HELOC in California

Step 1. Run the numbers.

Step 2. Compare lenders.

Step 3: Submit your application.

Step 4: Get an appraisal.

Step 5: Prepare for closing.

Tax Benefits and Considerations

Closing Costs and Fees

Alternatives to HELOCs

Home Equity Loan

Cash-Out Refinance

Personal Loan

The Takeaway

FAQ

What is the monthly payment on a $50,000 HELOC?

Is a HELOC a good idea right now?

What is the monthly payment on a $100,000 HELOC?

What are the benefits of a HELOC?

Do you need an appraisal for a HELOC?

What disqualifies you from getting a home equity loan?

How difficult is it to get a HELOC?

Does HELOC affect credit score?

More HELOC resources.

Washington First-Time Home-Buying Assistance Programs & Grants

On this page:

On this page:

Who Is Considered a First-Time Homebuyer in Washington?

3 Washington Programs for First-Time Homebuyers

1. WSHFC: Home Advantage Program

Tips and news—
for your financial moves.

Send money to over 30 countries

– seamlessly.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.