WASHINGTON DOWNPAYMENT ASSISTANCE PROGRAMS
HomeAdvantage Downpayment Assistance Second Mortgage Loan is a downpayment Washington State program designed to offer assistance to home buyers. This is a second mortgage loan set for 30 years. It combines with the HomeAdvantage Loan Program and it has to meet the First Mortgage income limits, but you don’t have to exceed the statewide income limits of $97,000. To become an eligible borrower you must qualify for a maximum loan amount of up to 4.00% of the total loan amount in all counties.
HomeAdvantage Downpayment Assistance Second Mortgage Loan Program doesn’t allow cash back in case you do not attend a Commission-sponsored homebuyer seminar prior to reserving funds. Instead, for Veterans there is no need for assessment. It is advisable to see a Premier Participating Lender who can help you with the details and conditions you have to fulfill (the sales price you can afford, how much cash you will need to close or how much you can borrow). You may also verify if you meet the needs based requirement for being eligible for a loan amount up to $10,000 at a 1% interest rate, payment deferred for 30 years.
MortgageCreditCertificate is not a mortgage but a tax credit that increases your take-home pay as fewer tax dollars will be withheld from your regular paycheck. MortgageCreditCertificate is a first-time homebuyers program in Washington State which allows you to take advantage of a yearly tax credit that is based on your annual mortgage interest payments and this way to lower your tax liability. It is advisable to see a Premier Participating Lender who can help you with the details and conditions you have to fulfill (interest rate, downpayment requirement, term, fees, points, closing costs). You have to take into account that for MCC the first come is the first served. Your lender is the one who will submit your loan application and then let you know whether your application is accepted or not. Eligibility requirements include: income limits, eligible properties, new loans only, acquisition cost limits, and business use limits. It is available with Fannie Mae or Freddie Mac saleable, Veterans Administration, Federal Housing Administration or Rural Development. The program requires completing a Commission sponsored homebuyer education course which in fact will help you understand the steps to follow when submitting your application.
MortgageCreditCertificate is valid for life but only so long as you remain the owner-occupant of the residence.
HomeChoice Program is a downpayment assistance, second mortgage loan program in Washington State. You become an eligible borrower if you have a disability or have a family member in this position and this one lives with you.
HomeChoice Program combines with HomeAdvantage First Mortgage Loan Program and it requires a one-on-one counseling. It is advisable to see a HomeChoice Service Provider who can help you with the details and conditions you have to fulfill.
As HomeChoice Program is for low-to-moderate income disabled people and it allows funds up to $15,000. Your Service Provider will refer you to a free homebuyer education Seminar; there are a lot of service providers and participating lenders listed on the HomeChoice page and you will certainly find the right one in your area.
HomeChoice Program offers a 1.00% interest rate for borrowers who haven't owned and occupied their primary residence in the past three years, but if you buy your property in a targeted area there isn’t necessary that you are a first-time homebuyer. You also have to know that the 1.00% interest rate refers to payment deferred second mortgage which is due when home is sold, if home is refinanced or after 30 years.
The HomeChoice Program is available with Veterans Administration, Federal Housing Administration and USDA Rural Development.
HouseKey School Program is a Washington State loan program for first-time homebuyers which can be attended by teachers and employees of community or technical colleges and K-12 public or private (accredited or recognized by the state) schools. The program also applies if you buy your property in a targeted area or if you have not owned a home in the last three years.
The HouseKey School Program is basically a second mortgage loan which offers down-payment assistance of up to $10,000, an interest rate of 3 % and a 10-year loan term. The first step is to contact a Service Provider and to attend a free homebuyer seminar which allows you to gain a certificate, valid for two years, as it is a must for this program application.
HouseKey Schools loan officers will present you the loan options (locating, financing and closing on your new home) and advise for your pre-approval.
HouseKey Veterans Program is a downpayment assistance loan program for Washington State veterans who have served the country.
The HouseKey Veterans Program combines with the HomeAdvantage First Mortgage Loan Program and it acts as a second mortgage loan program with a 3.00% interest rate and a 10-year loan term for a maximum loan amount of up to $10,000. To become an eligible borrower you have to be an honorable discharged veteran or to have received a discharge for medical reasons with an honorable record, to be a member or honorably discharged former member of the Washington National Guard and Reserve or to be a never remarried spouse or a dependent child of a deceased Veteran. It is advisable to see a HouseKey Veterans Service Provider who can help you with the details and conditions you have to fulfill.
The HouseKey Veterans Program requires the attendance of a free homebuyer education seminar prior to reserving funds as cash back is not allowed. If you buy your house in a targeted area it is not necessary that you are a first-time homebuyer. Otherwise, the first-time homebuyer criterion applies.
HomeAdvantage Built New Program is for borrowers having a newly constructed property, never occupied and located in Washington State. This program is a downpayment assistance second mortgage loan whose applicants must be first-time homebuyers. It is advisable to see a HomeAdvantage Built New Program Service Provider who can help you with the details and conditions you have to fulfill (the sales price you can afford, how much you can borrow and how much cash you will need to close).
The HomeAdvantage Built New Program allows a maximum loan amount of up to 4% of the first mortgage loan and the borrower is offered an interest rate of 3% for up to $10,000. The loan is payable in 30 years, or at the time of sale, refinance or transfer.
The HomeAdvantage Built New Program requires the attendance of a free Commission-sponsored homebuyer education seminar prior to reserving funds as cash back is not allowed. There is also a Veteran exception which requires no assessment for Veterans to be eligible for the $10,000 loan amount.