Mortgage Credit Certificate (or also referred to as MCC) is a federal tax credit available to first time home buyers who meet certain requirements. With the tax credit, eligible home buyers can adjust their their withholding to take advantage of the savings monthly instead of waiting until they file their taxes. The MCC remains available as long as the borrower owns and occupies the property.
WSHFC now offers reduced mortgage rates with no DPA
March 31, 2014 by Leave a Comment
The Washington State Housing Finance Commission offers several mortgage programs with various types of down payment assistance for home buyers. In order to qualify for the program, home buyers need to have household income of $97,000 or lower and attend a WSHFC sponsored home buyers class.
Why would anyone want an FHA mortgage?
January 16, 2014 by Leave a Comment
Let me start by saying there’s nothing wrong with having an FHA insured mortgage. FHA mortgages have been a resource for first time home buyers and borrowers who lack significant down payment since their inception 40 years ago…. BUT with the increases to the upfront and monthly mortgage insurance premiums and the reduced loan limits, many borrowers could be better off considering loans other than FHA.
When I’m working with a home buyer who’s considering an FHA mortgage, here are some of the other mortgage programs I suggest they consider:
Question about Home Advantage Down Payment Assistance (DPA)
September 17, 2013 by Leave a Comment
Yesterday 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.
Freddie Mac Home Possible® Mortgage in Washington State
August 30, 2013 by 17 Comments
Freddie Mac Home Possible® Mortgage in Washington State
The Home Possible® mortgage is a low-down-payment conventional loan program designed to help buyers achieve homeownership with more flexibility and lower upfront costs.
Backed by Freddie Mac, Home Possible allows qualified homebuyers in Washington State to purchase a primary residence with as little as 3% down, while offering reduced mortgage insurance and competitive interest rates.
This program is especially popular with first-time homebuyers in higher-cost areas like Seattle, King County, Pierce County, and Snohomish County, where saving for a large down payment can be challenging.
Update: This article reflects current Home Possible mortgage guidelines for 2026. Program details, income limits, and loan limits are subject to change and should always be verified.
Home Advantage Mortgage with Down Payment Assistance
April 11, 2013 by 4 Comments
Home Advantage is a program that is offered through the Washington State Housing Finance Commission. Home Advantage is typically combined with a Home Advantage second mortgage that can finance closing cost and the down payment. Unlike the House Key program (state bond), this program has unlimited funds available for qualified Washington home buyers.
More options for Washington home buyers
April 5, 2013 by Leave a Comment
Yesterday I was “in class” at the Washington State Housing Finance Commission learning about programs they have to offer Washington home buyers, including down payment assistance programs.
In order to obtain the down payment assistance, you must use a WSHFC first mortgage product, which includes:
- Home Advantage
- House Key Opportunity (limited funds – state bond). UPDATE: As of June 26, 2013 – this program is not being offered by the Commission. Home Advantage is still available.
The first mortgages may be FHA, USDA, VA or conventional mortgages with private mortgage insurance.
The down payment assistance (DPA) is in the form of a second mortgage that have specific criteria home buyers must meet to qualify.
- Home Advantage DPA has an income limit of $97,000 and does not have a “needs assessment”.
- Commissioned Second Mortgage works with the House Key Opportunity and is available to home buyers with special needs.
Home buyers interested in either program must attend a 5 hour class in order to qualify for these programs. While at class yesterday, I also received training to be a “Commission trained instructor”.
Watch for more details to follow soon!
The ABC’s of Preparing to Buy Your First Home
December 13, 2012 by 1 Comment
NOTE: This post has been updated for 2026.
Borrowers getting ready to buy their first home are often surprised…for different reasons. I find that some are surprised to learn that they do qualify for a home in their price range and some are disappointed to learn that they have a little work to do before they can buy a home.
Getting preapproved with a mortgage professional helps to take some of the “surprise” out of the process.
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