This past weekend, Fannie Mae implemented new underwriting standards raising the minimum down payment for a conventional loan from 3% to 5% down…with an exception. The exception allows for certain community based programs, like those offered through the Washington State Housing Finance Commission to still provide 3% down conventional mortgages. I have confirmed with WSHFC that the Home Advantage Program will continue to all a minimum 3% down payment.
For more information about the Home Advantage Mortgage Program, please click here.
The Home Advantage Mortgage is available to Washington State home buyers with a household income under $97,000. It is not limited to first time home buyers and there is no recapture tax (like the old state bond program). In addition, there are several down payment assistance programs that may be used in conjunction with the Home Advantage first mortgage. Mortgage insurance with the Home Advantage conventional program is typically much lower than what you will find with an FHA loan. The only “catch” if you want to call it that, is that in order to be eligible, borrowers must take a home buyers class.
If you would like me to provide you with a quote for a Home Advantage Mortgage or any mortgage program, for a home located anywhere in Washington state, please click here.