Income Limits increased for Home Advantage with Down Payment Assistance

Hot off the press! Washington State Housing Finance Commission has just announced that income limits for the Home Advantage program are being increased to $160,000 effective July 2, 2021. Click here for current mortgage rates for your scenario. [Read more…]

New Income Limits for WSHFC Down Payment Programs

The Washington State Housing Finance Commission has announced new income limits for some of their mortgage programs.

Here are the new income limits effective May 6, 2019: [Read more…]

Stop paying rent: Mortgages with down payment assistance

This post is the last in my series showing different options for buying a home using mortgages with low down payment options. The series started from a posting I saw on Facebook where one of my West Seattle neighbors is trying to find a place to rent that accepts pets. This is my handsome pup, Hitch, who might not be allowed in most apartments since he’s over 65 pounds…even though he’s just a big puppy.  🙂

My previous posts compared using Fannie Mae’s Home Ready program and an FHA mortgage with the goal of keeping the total mortgage payment around $2200.

This post will be using a program from the Washington State Housing Finance Commission which offers down payment assistance. The down payment assistance is actually a second mortgage at zero percent interest that is tacked on to the end of the first mortgage. There are no payments due for 30 years (or when the first mortgage is paid off). Although the down payment assistance interest rate is zero, the interest rates for the first mortgages with this program tend to be higher (as you’ll see with my quote). [Read more…]

NEW! WSHFC now allowing Non-Traditional Credit

The Washington State Housing Finance Commission (WSHFC) is now allowing borrowers without established credit (aka “non-traditional”) to qualify for a mortgage.

Here are some of the requirements: [Read more…]

Limited Time Offer: WSHFC is offering grants for closing cost!

Last night, the Washington State Housing Finance Commission announced it is offering grants to help with down payment and closing cost for buyers when they use specific programs offered by WSHFC. This is very helpful in a “seller’s market” where sellers are very unlikely to contribute towards closing cost for a potential buyer. [Read more…]

Home Buyer Class in Kent

Seattle Home Buyer Classes****THIS CLASS HAS BEEN CANCELLED****

I will be teaching a home buyer class in Kent with Ira Sacharoff of Better Properties Real Estate on Saturday, April 23, 2016 at Mortgage Master Service Corporation’s home office which is located just south of South Center on West Valley Highway.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs 

[Read more…]

MCC (Mortgage Credit Certificate) wrapping up in 2016

piggybankbeltThe Washington State Housing Finance Commission has announced that the available funds for mortgage credit certificates (MCC) will be reduced in 2o16.  They estimate that the remaining funds will be reserved by the end of March (possibly sooner) and that after the available funds are all reserved, home buyers can go on a wait list. The fee for the MCC is increasing in 2016 as well.

[Read more…]

Home Buyer Seminar in Renton

Seattle Home Buyer ClassesI will be teaching a home buyer class in Renton with Ira Sacharoff of Better Properties Real Estate on Saturday, May 2, 2015 at the Fairwood Library.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).

[Read more…]