Down Payment Assistance for Firefighter Mortgages

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Down Payment Assistance for Firefighter Mortgages

If you’re considering buying a new home but you’re concerned you don’t have enough money for a down payment, you should know that there are several statewide programs that provide down payment for firefighter mortgages.

And while there are several programs that are available through the Washington State Housing Finance Commission, there are other programs that are available for specific areas.

  • Up to $55,000 in down payment assistance is available to homebuyers who are looking to purchase a home within the city limits of Seattle.

  • Up to $20,000 in down payment assistance is available to homebuyers who are looking to purchase a home within the city limits of Tacoma.

In this blog post, we’ll be focusing on statewide programs.

Home Advantage Down Payment Assistance

The first option for Home Advantage Down Payment assistance is available to applicants whose statewide income does not exceed $97,000. If approved, the borrower will receive a loan of up to 4% of the total loan amount, which will have a 0% interest rate, and a payment that’s deferred for 30 years.

Buyers who are interested in applying for this type of down payment assistance will need to attend a commission-sponsored homebuying seminar, and they’ll need to do that before they reserve funds under the Home Advantage Program.

Applicants should know they are not eligible to receive cashback.

Some borrowers, however, may be eligible to receive up to 5% of the total loan amount if they use a conventional HFA Preferred loan. If you have additional questions about this, we can help.

Needs Based

When talking with your lender, you can inquire to see if you qualify for down payment loan assistance of up to $10,000. In this option, you’d borrow at a 1% interest rate and your payment would be deferred for 30 years.

The needs-based program is available to eligible households who have a maximum income of less than $96,000 in King/Snohomish counties, less than $77,300 in Island county, less than $77,100 in Kitsap County and less than $76,500 in all remaining counties.

Veterans of the armed forces are exempt from income limits.

Eligibility Requirements

Statewide down payment assistance for firefighter mortgages is available to applicants who have a combined household income of less than $97,000, and who have FICO scores of at least 620. If you meet these requirements and you are qualified to receive a home loan, you’re likely eligible to receive down payment assistance.

Again, the repayment is generally deferred until after your 30-year mortgage is paid off. The only time that repayment will be triggered immediately would be if you sell, refinance, transfer or move out of the property.

Working with a Lender You Can Trust

At Home Loans Today, we understand that you have many options when it comes to Firefighter home loan providers, which is why we strive to provide all first responders with the highest levels of customer service as possible.

For more information on how down payment assistance programs work, or to learn more about eligibility requirements, call our office today at 866-919-2064 to learn more. 

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Adam Vest

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