This morning I received an email from the Washington State Housing Finance Commission that one of the Home Advantage Rebound program has ran out of funds and is no longer available. If you were planning on using this for your down payment assistance, and you have a transaction in progress, check with your mortgage originator asap to see if the funds were reserved. If they were not reserved, then you’ll need to come up with a “plan b”, which may include using their stand-by program Home Advantage.
Washington State Housing Finance Commission still offers 7 different down payment assistance programs, including:
- Home Advantage: eligible borrowers may receive up to 4% of the first mortgage loan amount.
- 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 is only available with a House Key first mortgage and requires credit scores of 680 or higher. Max DPA is $10,000.
- House Key Plus Seattle: eligible home buyers must be purchasing home within designated areas in Seattle. Max DPA is up to $45,000. Funds are limited.
- 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.
Some Washington home buyers were hoping to use Home Advantage Rebound in conjunction with the Washington state bond program, House Key Opportunity. Unfortunately, if they did not have funds reserved (which requires being in contract on a specific property that was distressed), they will not be able to use this program OR House Key Opportunity unless they qualify for another down payment assistance program (DPA) excluding Home Advantage OR if they opt to not use a DPA and they meet the lower income limits.
Again, if you were using Home Advantage Rebound for down payment assistance, please contact your mortgage professional asap. If you are buying or refinancing a home located anywhere in Washington state, I’m happy to help you!