National Home Buyers Fund Down Payment Assistance now available!

2013-03-07_0746EDITORS 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.

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WSHFC announces new income limits for down payment assistance programs

The Washington State Housing Finance Commission has announced changes to income limits for some of their down payment assistance programs.

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Question about Home Advantage Down Payment Assistance (DPA)

mortgageporter-thinkingYesterday I received an email with this question that I thought would be helpful to my readers considering the popular Home Advantage Mortgage program with down payment assistance:

I’ve been studying the different loan programs in WA State and came across your website. We’re considering taking out a Home Advantage mortgage but need clarification on one of the restrictions.

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Two Home Buying Seminars Coming Up!

iStock_000020110629XSmallIf you are considering buying a home and want to learn more about the process, I invite you to attend one of upcoming seminars I have scheduled. Both classes are sponsored by the Washington State Housing Finance Commission (WSHFC) and attendees are eligible for down payment assistance programs offered through WSHFC.

I’ve just scheduled the following seminars:

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Eight Down Payment Assistance Programs for Washington Home Buyers

2013-03-07_0746Did you know that the Washington State Housing Finance Commission offers 8 different down payment assistance programs for Washington state home buyers? It’s true! And some of them do not require you to be a first time home buyer.  The WSHFC down payment assistance programs listed below can be used with a Home Advantage first mortgage:

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Home Buyer Education Seminar in West Seattle, July 13, 2013 – UPDATE

On Saturday, July 13, 2013, Ira Sacharoff and I will instructing a Washington State Home Finance Commission sponsored home buyer education class at West Seattle’s High Point Library. (Here is my original announcement for this class.)

I’m pleased to announce we’ve added a guest speaker: Julie Beller from Cambridge Home Inspections.

Plus, Ira is bringing his infamous house roasted coffee and will be serving up Red Star Pizza for lunch to class attendees.

Of course you can still bring a sack lunch, if you prefer. We will be learning through the lunch hour as the WSHFC requires the class to be at least of 5 hours.

If you or anyone you know are considering buying a home and could use help with down payment, you should consider this class! Participants are eligible for the Home Advantage program and various WSHFC down payment second mortgages.

To RSVP, please call 253-234-2228 or online at seattlehomebuyerclass.eventbright.com – space is limited to this free event so please rsvp today!

Interested in other classes I’m teaching at? Click here.

 

Common misconceptions about the Washington State mortgage program: Home Advantage

When most folks think of the mortgage programs offered by the Washington State Finance Housing Commission, they often think of the state bond program (House Key Opportunity).  Washington home buyers and real estate agents may not realize that the WSFHC offers a “revamped” program, Home Advantage Mortgage, which will eventually phase out House Key Opportunity. Both Home Advantage and House Key Opportunity offer down payment assistance to Washington home buyers.

Here are some questions that I often hear about the Home Advantage Mortgage Program:

Do I have to be a first time home buyer?

The Home Advantage Mortgage program is NOT limited to first time home buyers.  It is limited to homes located in Washington state and the buyer must be occupying the property. It is not available for second homes or investment properties.

Is there a recapture tax, like the state bond program?

There is NO recapture tax with the Home Advantage Program. When the home owners sells or no longer occupies their home, the balance of the Home Advantage second mortgage that was used as down payment assistance will be called due.

Isn’t this program just for lower priced homes?

Home Advantage does not have an acquisition limit or restriction to the sales price of the home. Home Advantage does have an income limit of $97,000.  Based on debt to income ratios, I’ve qualified borrowers up sales prices up to $400,000.  How much someone qualifies for will depend on current interest rates and their personal debts.  If a couple with dual incomes exceeds $97,000, it’s possible to remove one of the incomes as long as they still qualify with their debts.

What are the terms to the down payment assistance?

The Home Advantage Program offers a second mortgage based on up to four percent of the first mortgage loan amount at 0% interest with the payment deferred for 30 years. The DPA can only be used towards down payment or closing cost. Home buyers using this program do not have to use the full four percent.

What first mortgage programs are available with Home Advantage?

Washington State Housing Finance Commission offers conventional (up to 97% loan to value), FHA, VA and USDA mortgages. I’m happy to provide you with a rate quote for this (or any) mortgage program.

Do I have to attend a Home Buyer Class to qualify?

In order to qualify for any of the WSHFC mortgage programs, you must attend one of their sponsored home buyer education seminars. All parties who will be on the mortgage must attend this 5 hour course.

As a WSHFC trained mortgage originator, I’m pleased to be able to offer the Home Advantage and House Key mortgage programs. I will be an instructor at two home buyer education classes next month in Seattle. If you or someone you know are interested in buying a home in Washington and would like help with your down payment, please contact me.

 

 

 

Home Buyer Education Class on July 20, 2013

Do you or someone you know want to learn more about the home buying process?

Jim Reppond from Coldwell Banker Danforth and I will be instructing a free home buyers class on Saturday, July 20, 2013 at the Green Lake Library.

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