Real Estate September 29, 2014

Down Payment Assistance and Closing Costs Program Available Through WSHFC


I found a great program that is offered from the WSHFC, (Washington State Housing Finance Commission) and they have several programs, yet this one program that stands out and it is called: Home Advantage. This program provides down payment assistance and closing costs to people that qualify for this program. Let me explain, this is a second mortgage and it is a 0% loan deferred for up to 30 years and is not paid back until you sell your home. Then this amount is deducted from the sell of the home. This is free money form the state so you can get into a home with little or no money. I have several clients that have completed this program and one had $2,000 in their bank account so we asked the sellers to pay some closing cost, this program provided the down payment and the balance of the closing cost and got into the house with no money down with a great mortgage interest rate of 4.25%.

This is a program from the State (State of Washington); why not use what they are offering if you qualify?

To find out more info on this program or looking for a home, contact me.

Home Advantage also offers down-payment assistance. This second mortgage loan program has a 0% interest rate, payment deferred for 30 years, and combines with the Home Advantage first mortgage loan program. Borrowers must meet the income limits for the Home Advantage Program first mortgage.

To be eligible for a Home Advantage down-payment assistance loan, you must not exceed the following income limits: Statewide $97,000
Borrowers must attend a Commission-sponsored homebuyer seminar prior to reserving funds under the Home Advantage Program. Cash back to borrowers is not allowed.
Eligible households may qualify for a maximum loan amount of up to 4.00% of the total loan amount in all counties.
A participating loan officer can help you determine the sales price you can afford, how much cash you will need to close, and how much you can borrow on a Home Advantage loan.
Maximum Income to be Eligible for Needs Based Option as of 07/01/2014
Island $73,000
King/Snohomish $88,200
Kitsap $74,000
Thurston $74,200
All Other Counties: $71,400

Veteran Exception
There is no assessment of need for Veterans to be eligible for the $10,000 loan amount.
This is a great program to look into; it doesn’t cost anything to check this out.

Contact me to explore the possibilities
Tom Fine at Windermere Real Estate
206-434-6561, or email: