For many people, the cash downpayment required to buy a home is a significant hurdle.
The Washington State Home Finance Commission lowers this barrier by offering downpayment assistance loans for homebuyers who use their mortgage programs.
There are many downpayment assistance programs available, so call or email me today to find out which one you qualify for.
AVAILABLE PROGRAMS IN WASHINGTON
Up to 4% of the first mortgage total or gross loan amount, for borrowers using our Home Advantage loan or up to 5% using our conventional HFA Preferred or HFA Advantage loan.
HOME ADVANTAGE DPA
NEEDS BASED OPTION
Up to $10,000, for borrowers using our House Key Opportunity loan.
DOWNPAYMENT ASSISTANCE FAQ'S
How can I get this assistance?
Our downpayment assistance is only for homebuyers who use our home loan programs, either Home Advantage or Opportunity. If your household income is under the program limits (up to $145,000), your credit score is at least 620, and you’re otherwise qualified for a home loan, you are probably eligible.
How much assistance can I get?
It varies by program (see the list above), but $10,000 is the average amount for a typical homebuyer.
So, it’s a loan that I pay back?
Yes. The interest rate is very low, from 0% to 4% depending on the program. It is wrapped into your main home mortgage, so you don’t have two bills to pay. Also, most of our downpayment loans are payment deferred—meaning no payment is due until the mortgage is paid off or until you sell, transfer, move out of or refinance the property.