Helping Washington State homeowners learn more about their mortgage options.
Get Rich Slowly recently posted How to Save Up for a Down Payment Fast. I’d like to respond to some of the ideas offered in GRS’s post from a Mortgage Professional’s viewpoint and offer my advice.
Here are some of the suggestions on How to Save Up for Down Payment Fast along with my 2 cents (in italics).
Washington State home buyers have several various down payment assistance programs available and they’re not just limited to first time home buyers. These funds can go towards closing cost and the down payment of primary residence.
Here’s an updated list of what I have available.
I’m real excited that we’re able to offer the NHB Grant Program at our company. During this week’s episode of Seattle Real Estate Chat with Jim Reppond, we covered some of the details about this down payment assistance program that home buyers do not pay back.
If you are interested in this or any mortgage program for homes located in the state of Washington, please contact me.
The next home buyer education class that I’m teaching is coming up on Saturday, May 10th, 2014 at the Burien Library. Ira Sacharoff, Real Estate Broker with Better Properties Real Estate is my fellow instructor.
The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage, House Key (state bond) or Home Possible as well as various down payment assistance programs and MCC (mortgage credit certificates) tax credits.If you are considering buying a home with your spouse, partner or friend, they need to attend the class too in order to qualify for programs. You do not need to be a first time home buyer to qualify for many of these programs. And you’re welcome to attend if you’re just interested in learning more about the process.
It’s anticipated that funds will become available for the House Key program in a couple weeks. House Key is the Washington state bond program that offers below market rates to borrowers that meet certain criteria, including income limits. Income limits vary by county and family size.
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.
EDITORS 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.
The Washington State Housing Finance Commission has announced changes to income limits for some of their down payment assistance programs.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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