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"Moore" • March 2, 2019

Washington State first-time home buyer programs

by Anjelina Moore

These are first-time home buyer assistance programs tailored just for residents in the Evergreen State. If you live here, it’s a good idea to see if you qualify for them.

WSHFC highlights and eligibility requirements

HIGHLIGHTS

  • 30-year fixed-rate home loans.
  • Down payment assistance up to 5% of the mortgage amount.
  • Available for single-family houses, condos, town houses and manufactured homes.

ELIGIBILITY

  • A home buyer education course is required, in person or online.
  • Annual household income typically cannot exceed $97,000.
  • Some down payment assistance programs are restricted to first-time home buyers.
  • If you haven’t owned and occupied your primary residence in the past three years, you qualify as a first-time home buyer.
  • Specific areas are exempt from the first-time home buyer requirement.

Home Advantage DPA #1

BEST FOR:  Down payment assistance

WHAT YOU NEED TO KNOW

Receive up to 5% of your loan amount in down payment assistance, depending on the type of loan you choose (conventional, FHA, VA, etc.). It’s a 0% interest loan, with payment deferred for 30 years. Repayment is due sooner if you sell the home or refinance the mortgage. Income limits apply, which vary by loan program and sometimes by location.

Home Advantage DPA #2

BEST FOR:  Down payment assistance/Military

WHAT YOU NEED TO KNOW

Provides up to $10,000 in down payment assistance, with needs-based qualifications. Borrowers entitled to VA loans are granted exceptions to some qualifying restrictions.

 

Opportunity DPA

BEST FOR: Down payment assistance

WHAT YOU NEED TO KNOW

Down payment assistance of up to $10,000 is provided with a 1% interest rate, deferred for 30 years. To qualify, you must be a first-time home buyer or live in certain areas of the state.

 

HomeChoice

BEST FOR: Disabilities/Down payment assistance

WHAT YOU NEED TO KNOW

This program is for borrowers who have a disability — or have a family member living with them who does. It provides up to $15,000 in down payment assistance in a 1% deferred second mortgage.

 

House Key Veterans

BEST FOR: Military/Down payment assistance

WHAT YOU NEED TO KNOW

For borrowers who are military veterans, or current or former members of the Washington National Guard or Reserve, $10,000 in down payment assistance is structured as a second mortgage with a 3% interest rate, and deferred for up to 30 years.

Your next steps:

Reach out to me and I can connect you with a couple of lenders. Find someone who you connect with and feel comfortable with. Interest rates and loan terms vary by lender, which is why it makes sense to shop around for the best deal.

For full details on any program, visit the Washington State Housing Finance Commission online.

You’ll find lenders that participate in these programs on the WSHFC website.

Let me know if you have ANY questions! 

Cheers!  

Anjelina Moore   / “LIVE A MOORE LIFE”

406-750-8660

Washington State First-Time Home Buyer Programs of 2019

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