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.
From WSHFC:
“For a very limited time, we’re offering grants of up to $1,500 to cover closing costs—including pre-paids—for buyers who use a Fannie Mae HFA Preferred Home Advantage or House Key Opportunity Conventional loan.
That’s right: Unlike all our other programs, this is a grant, not a loan. NO repayment required!
Plus, it can be combined with any Commission second mortgage—so you still get down-payment assistance!”
The grant funds are limited to 230 home buyers. You do NOT have to be a first time home buyer for Home Advantage. Income limits do apply. The second mortgage (down payment assistance aka “DPA”) portion of the mortgage is eventually repaid. Most of the DPA programs offered have payments deferred for 30 years with the down payment assistance most often repaid when the home is sold or refinanced.
We are pleased to offer WSHFC mortgage programs at Mortgage Master. For more information, please contact me.
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