In light of the market’s current amazing interest rates, it’s probably good that we visit some of the bullet points for what you need to know about Washington State’s Down Payment Assistance Options:
- There are NINE different down payment assistance options offered through the Washington State Housing Finance Commission – All the way up to $55,000 in DPA!
- You do NOT have to be a first-time homebuyer to receive down payment assistance.
- There are income limits, but at $145,000 the Home Advantage income limit is very inclusive.
- The max loan amount one can borrow and still be eligible to receive down payment assistance is $726,525.
- The Home Advantage down payment assistance loan has ZERO monthly payments and does NOT accrue interest. The borrower simply pays back what they borrowed whenever they sell or refinance.
- The option is available to pair a down payment assistance loan with some seller paid closing costs, and get your buyer into a home with NO money out of pocket!
What Does This Mean?
The Washington State Housing Finance Commission has vigorously been updating their income and loan limits over the past few months. This is to keep pace with our local economy and make their loans an option for as many borrowers as possible. If you are or have a borrower who’s on the fence about buying because of down payment concerns, by way of the WSHFC, you’ve covered!