Washington State Home Advantage Down payment assistance program

down payment assistance pierce county-puyallup-sumner- The Washington State Home Advantage program is the most popular First Time Home Buyer program currently available. The reason why home buyers prefer this program over so many is the flexibility to buy a home where you want and not be limited to an area such as how a USDA loan has limited areas to buy the home.  The interest rates on this program are set by the Bond program itself and they can change from day to day.  The interest rates can only be locked after you have found a home you wish to buy and you mush be closing within 60 days.

Home Advantage First Mortgage Program

Our primary first mortgage program is for qualified homebuyers. Borrowers must meet the program income limit and attend a free Commission-sponsored home buyer education seminar. The following loan types can be used for this loan program: Federal Housing Administration (FHA), Conventional (Fannie Mae), Rural Housing Services (RHS), and Veteran’s Administration (VA).

You do not need to be a first-time home buyer to utilize the Home Advantage program.

Home Advantage down-payment Assistance

Eligible households may qualify for a maximum loan amount of up to 4% of the first mortgage loan amount in ALL counties of Washington State. The funds can only be used for down payment and closing costs. This is a deferred second mortgage (no payments) at 0% interest. Payable in 30 years, or at the time of sale, refinance or transfer.

QUALIFYING SINGLE-FAMILY RESIDENCES

Single-family detached, attached, condos, PUD’s and manufactured homes that are acceptable to FHA, VA, or USDA Rural Development requirements and the approved Fannie Mae PMI provider, as applicable, are acceptable under the Program.

MANUFACTURED HOUSING

The home must meet all underwriting guidelines established by FHA, VA, and USDA Rural Development. Conventional financing is not permitted for manufactured homes. All Borrowers must have a minimum 620 credit score. Non-traditional credit reports are also not permitted. The Borrowers’ down payment requirement is 1% of the purchase price or $1,000, whichever is greater. Gifts are not allowed as part of the Borrowers’ contribution

Bruce McLaughlin Home Mortgage Puyallup Sumner WA

Bruce McLaughlin Home lending NMLS 70081

Contact Bruce McLaughlin today to find out more information and see how you can get Pre-qualified for the WA State down payment assistance program

Eagle Home Mortgage 

NMLS 70081

call 253-651-5755

Brucemclaughlin@eaglehm.com 

 

 

Visit Us On FacebookVisit Us On Google PlusVisit Us On Linkedin