EDITORS NOTE: It appears as though this program is being suspended effective the end of February 2016. If you’re considering using a grant, you might want to check out other down payment assistance options such as Home Advantage.
I am just learning about a down payment assistance program (dpa) that I now have available at Mortgage Master Service Corporation. The NHF Platinum Program is a little different than what you may be used to as it’s a grant that does not have to be repaid.
Here’s some quick information:
- Primary residences only (aka owner occupied)
- You do not have to be a first time home buyer
- Grant funds range up to 3 – 5% of the loan amount depending on the program type
- Grant funds may go towards down payment and/or closing cost
- Available in conjunction with Conventional (Fannie Mae’s My Community Mortgage), FHA, VA and USDA mortgages
- 640 minimum credit score
- 45% maximum debt to income ratio
- Income limits do apply (see below).
Income limits for FHA, VA and USDA:
- King and Snohomish Counties: $101,430
- Kitsap County: $85,100
- Island County: $83,950
- all other Washington state counties: $82,110
Income limits for Conventional:
- King, Pierce and Snohomish Counties: $114,380
- Kitsap County: $73,100
- all other Washington state counties vary.
If you are interested in buying a home located anywhere in Washington state, my team and I are happy to help you! If you would me to provide you with a rate quote for this or any program that I have available, please click here.