The program utilizes a 30-year mortgage, and downpayment assistance up to 4% of the first loan amount. Qualified applicants can purchase a single family home, town home, condominium, and in some cases, a manufactured home.
To qualify, borrowers must meet maximum annual income limits statewide of $97,000. Borrowers must also attend and obtain a certificate from a Commission-sponsored homebuyer education seminar within the last two years. The seminar is 5-hours and all parties who will be signing on the Deed of Trust must attend the seminar.
All applicants will be qualified via underwriting requirements of FHA, VA, Conventional, Rural Housing Services (RHS). The loans have anywhere from a 0-1% origination fee, and 0 points so they are very affordable in regards to costs.
There are also several downpayment assistance programs (DAP) available throughout the state that help borrowers with amounts ranging from $10,000-$20,000 and some cities like Seattle offer as much as $45,000, and Bellingham offers up to $40,000 in benefits.
Please keep in mind that these programs are loans that will need to be paid back over time.
For example, a down payment assistance second mortgage loan program for first-time buyers in targeted areas, and down payment assistance second mortgage loan program for first-time buyers or buying in targeted areas and with a disability or who have a family member with a disability living with them.
There is also a down payment assistance second mortgage loan program for teachers and employees of community or technical colleges and K-12 public or private schools accredited or recognized by the state of Washington.
In addition, veterans receiving an honorable discharge or medically discharged with an honorable record; members and honorably discharged former members of the Washington National Guard and Reserve; and never remarried spouses and dependent children of deceased veterans.
Here is a list of some of these downpayment programs:
If you are looking to buy a home in Washington and need help in navigating the mortgage process, and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik@LoansReduced.com.