The Washington State Housing Finance Commission offers several mortgage programs with various types of down payment assistance for home buyers. In order to qualify for the program, home buyers need to have household income of $97,000 or lower and attend a WSHFC sponsored home buyers class.
The Washington State Housing Finance Commission just announced that they will offer reduced mortgage rates for qualified home buyers who opt not to use their down payment assistance. WSHFC publishes their mortgage rates here. The rate is very competitive for a reduced down payment program as there are fewer Fannie Mae price adjustments, making this a great option for borrowers shy on down payment funds.
This program rivals Freddie Mac’s Home Possible program with exception to down payment (slightly more down payment required for Home Possible). Home Possible also has more flexibility with pricing with rebate pricing being an option where Home Advantage’s rates and pricing are set by WSHFC with no flexibility.
You do not need to be a first time home buyer to qualify for these programs.
If you are considering buying a home anywhere in Washington state, where I’m licensed, I’m happy to help you! Please click here for a rate quote.