RealtyTrac and Down Payment Resource recently compiled a report of how many homes are eligible for various down payment assistance programs by county. Their report revealed that 87% of homes in the United States may qualify for down payment assistance (DPA) for home buyers.
Locally, the report shows:
- 65% of King County homes (375,638) are eligible for DPA.
- 88% of Snohomish County homes (181,366) are eligible for DPA.
- 95% of Pierce County homes (209,906) are eligible for DPA.
Many home buyers are not aware they may qualify for some sort of down payment assistance. Many wrongly assume that you need to be a first time home buyer, have low income or be short on funds. There are DPA programs that are “needs based” available for lower income borrowers too.
The Washington State Housing Finance Commission offers several down payment assistance programs. Many do not have a limit on the sales price for the home. For example, WSHFC’s Home Advantage mortgage does not have an acquisition (or sales price) limit. And with an income limit of $97,000, many home buyers may qualify for this minimum down payment program and the down payment assistance of 4% of the first loan amount.
WSHFC down payment assistance programs require the home buyers attend an WSHFC approved home buyer class. Only mortgage professionals who have been trained by the WSHFC can offer their mortgage mortgage programs and down payment assistance.
If you are considering buying a home located anywhere in Washington state, I’m happy to help you.