Did you know that the Washington State Housing Finance Commission offers 8 different down payment assistance programs for Washington state home buyers? It’s true! And some of them do not require you to be a first time home buyer. The WSHFC down payment assistance programs listed below can be used with a Home Advantage first mortgage:
- Home Advantage DPA: offers assistance based on 4% of the first mortgage at 0% interest with payments deferred for 30 years. This is probably the most popular dpa (down payment assistance) program that WSHFC offers.
- Home Advantage DPA: offers assistance up to $10,000 for borrowers who meet the income restrictions.
Home Advantage Rebound: eligible borrowers may receive up to $10,000 towards down payment for buying a home that is foreclosed or a short sale.NOTE: Out of funds.
- The HomeChoice Program: eligible borrowers must have a qualifying disability or have a family member with a qualified disability living with them. Maximum DPA is $15,000.
- House Key Schools: borrower must be an employee of an accredited or state recognized K-12, public or private school including community and technical schools. Max DPA is up to $10,000.
- House Key Veterans: eligible borrowers are veterans who received an honorable discharge and include members and honorably discharged former members of the Washington national guard and reserve or never remarried spouses and dependent/children of deceased veterans. Max DPA is $10,000.
- New Home for You: available to first time home buyers (or targeted area) meeting criteria and buying a never occupied new construction home. This program requires credit scores of 680 or higher. Max DPA is $10,000.
House Key Plus ARCH: first time home buyers must be purchasing a home in designated areas of east King County. Max DPA is up to $30,0000. House Key Seattle: provides up to $45,000 in down payment assistance. Eligible borrowers must meet income limits and the maximum purchase price is $379,050 for a home within the Seattle city limits and income limits apply. This dpa has limited funds available.NOTE: Out of funds.
To qualify for any of the down payment assistance programs offered through the Washington State Housing Finance Commission, buyers must attend a Commission sponsored Home Buyers Education Seminar. To attend one of the classes I’m teaching, click here.
As a Commission trained Loan Officer, I’m happy to help you with any of these programs which are available for owner occupied homes anywhere in Washington state.
EDITORS NOTE: Page updated on June 11, 2014 as Home Advantage Rebound ran out of funds and is no longer available.