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:

Home Advantage Needs Based Down Payment Assistance Program:

• King County: $108,600
• Snohomish County: $108,600
• All other counties: $86,300

The “needs based” program allows home buyers to receive up to $10,000 in down payment assistance instead of 4% of the loan amount (which depending on the loan amount, may be higher than $10,000). In order to qualify for the “needs based” down payment assistance, a home buyer must have a higher debt to income ratio.

Home Choice Down Payment Assistance Program:

• King County: $108,600
• Snohomish County: $108,600
• All other counties: $86,300

Home Choice is a down payment assistance program for qualified home buyers with a disability or a family member with a disability living with them.

Veterans Down Payment Assistance:

• King County: $108,600
• Snohomish County: $108,600
• All other counties: $86,300

NOTE: I have not had the opportunity to use this down payment assistance program as of yet. The Veterans I have had the honor of working with have not needed down payment assistance simply by using rebate pricing (if needed) to help cover closing cost.

Opportunity Down Payment Assistance

The Opportunity Down Payment Assistance Program is available in targeted areas. Home buyers must also qualify to for a “Opportunity” first mortgage program. Opportunity is also known as the “State Bond” program.

Washington State Housing Finance Commission down payment assistance programs are only available in conjunction with a WSHFC first mortgage and for homes located in Washington state. Programs and guidelines are, of course, subject to change.

At Mortgage Master Service Corporation, we are proud to be able to offer programs provided by the Washington State Housing Finance Commission.  For more information about down payment assistance mortgage programs or any mortgage for homes located in Renton, Redmond, Ravensdale or anywhere in Washington state, where I’m licensed, please contact me!