The Washington State Housing Finance Commission has just announced they are increasing the income limits on all of their Home Advantage mortgage programs. The income limits are being increased effective immediately from $97,000 to $145,000! [Read more…]
BREAKING NEWS: Higher Income Limits for Down Payment Assistance Mortgages
August 28, 2018 by Leave a Comment
Stop paying rent: Mortgages with down payment assistance
April 27, 2018 by Leave a Comment
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
December 14, 2017 by Leave a Comment
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!
July 1, 2017 by Leave a Comment
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
April 11, 2016 by Leave a Comment
****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
NHF Grant Platinum Program to be suspended
February 4, 2016 by 5 Comments
Well it looks like the National Homebuyers Fund Platinum will be suspended as of February 29, 2016. The lender backing this grant program will no longer be accepting new loans.
If you are preapproved to buy a home and are planning on using the NHF Grant program, you may want to contact your mortgage professional to come up with another plan. [Read more…]
NHF limits Grant Amounts based on Credit Scores
November 24, 2015 by Leave a Comment
The National Home Buyers Fund (NHF) recently made changes as to how much grant funds a home buyer may be eligible for. The grant funds are available to help qualified home buyers with funds for closing cost and down payment. Unlike other forms of down payment assistance, grant funds are not repaid by the home buyer – it’s kind of like a gift from a rich uncle or aunt that you didn’t know you had. 🙂 You can learn more about the NHF Grant program by clicking here.
Many Washington State Homes (and Home Buyers) are eligible for Down Payment Assistance Programs
February 22, 2015 by Leave a Comment
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.
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