If you’re considering buying a new home, but you’re concerned that you don’t have enough money set aside for a down payment, we can help.
Most people are unaware that Washington State offers several, statewide down payment assistance programs, which are available through the Washington State Housing Finance Commission.
If you’re looking to buy a home in Seattle or Tacoma, there are other programs you may be able to take advantage of, as well.
- People who are looking to purchase a home within the city limits of Seattle may be eligible to receive as much as $55,000 in down payment assistance.
- House hunters who are wanting to purchase a home within the city limits of Tacoma could find they’re eligible to receive up to $20,000 in down payment assistance.
For this post, however, we’ll be focusing on programs that are offered statewide.
Am I Eligible?
When it comes to statewide down payment assistance for police officer mortgages, your household income cannot exceed $97,000 and you’ll need to have a minimum credit score of 620. If you’ve been qualified for a home loan, and you meet these requirements, you may be a good candidate for down payment assistance.
Up to $10,000 in down payment assistance is available to eligible borrowers in:
- Island County that have a combined household income that’s less than $77,300
- Kitsap County that have a combined household income of less than $77,100
- King and Snohomish counties that have a combined household income of less than $96,000
- All other counties who have a combined household income of less than $76,500
Needs-based programs come with a 1% interest rate, with repayment being deferred for 30 years. But—you should keep in mind that if you sell or move out of your home before that time is up, repayment will be triggered immediately.
Borrowers who are approved for Home Advantage down payment assistance may be approved for a loan of up to 4% of the total amount of your home loan. This loan will come with a 0% interest rate, and much like the needs-based program, repayment will be deferred for 30 years, unless you sell or move out of the home before that term is up.
If you’re interested in applying for the Home Advantage program, you’ll need to keep in mind that you’ll be required to attend a home buying seminar that’s commission-sponsored in advance of reserving assistance funding.
You should also know that if you’re using a conventional, HFA Preferred loan, you may be eligible to receive up to 5% in down payment assistance funding. If all of this sounds confusing, or you have additional questions about eligibility requirements, we can help. Call our office today at 866-919-2064 to speak with a customer service representative.
We understand you have a many, many options when it comes to choosing a lender, but you can rest assured that when you work with Home Loans Today, you’ll receive the highest levels of customer care and customer service, along with the most competitive lending rates in the country.