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DOWN PAYMENT ASSISTANCE PROGRAMS IN WASHINGTON STATE
What type of down payment assistance programs are available in the state of Washington. Many wholesale lenders does not allow down payment assistance programs in Washington State.
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Down Payment Assistance Programs in Washington State
Washington State offers several down payment assistance (DPA) programs to help first-time homebuyers with their down payment and closing costs. Although some wholesale lenders do not allow DPA programs, various options are still available through state and local agencies.
Key Programs in Washington State:
Washington State Housing Finance Commission (WSHFC) Programs:
Home Advantage Program: Offers down payment assistance up to 4% of the first mortgage loan amount. Available to borrowers using the Home Advantage first mortgage. There is no first-time homebuyer requirement, but income limits apply.
Home Advantage DPA Needs-Based Option: Provides up to $10,000 in down payment assistance. Deferred second mortgage with 1% interest, due upon the home’s sale, transfer, or refinance.
House Key Opportunity Program: This program combines a first mortgage with down payment assistance, up to $10,000. It is designed for low-income households, first-time homebuyers, or buyers in targeted areas.
Homeownership Opportunity Initiative (HOI): Provides up to $15,000 in down payment assistance. It is targeted towards households earning less than 80% of the area median income (AMI). Deferred second mortgage with 0% interest, due upon sale, transfer, or refinance.
HomeChoice Program: Offers up to $15,000 in down payment assistance for individuals with disabilities or families with a disabled member. Deferred second mortgage with 1% interest, due upon sale, transfer, or refinance.
Veterans Down Payment Assistance Loan Program: Up to $10,000 in down payment assistance for veterans. Deferred second mortgage with 3% simple interest, due upon sale, transfer, or refinance.
Seattle Downpayment Assistance Program: It provides up to $55,000 for eligible borrowers who purchase within Seattle city limits. It is a deferred second mortgage payable upon sale, transfer, or refinance. It is available to first-time homebuyers with incomes up to 80% of AMI.
Tacoma Down Payment Assistance Program: This program offers up to $20,000 for first-time homebuyers purchasing in Tacoma. It is a deferred, 0% interest loan due upon sale, transfer, or refinance. Income limits apply based on household size.
Eligibility varies by program but typically includes income limits, purchase price limits, and first-time homebuyer status.
Application Process: The process involves completing a homebuyer education course, meeting with a participating lender, and submitting the required documentation.
Restrictions: Some wholesale lenders may not allow DPA programs, so checking with the lender before proceeding is essential. Washington State offers various down payment assistance programs to help make homeownership more accessible. While some wholesale lenders may not allow DPA programs, options are available through state and local agencies.
Feel free to ask if you need more specific information or assistance with these programs!
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