fbpx

The Home Advantage loan program puts homeownership within reach for Washington families.

The Washington State Housing Finance Commission is a state agency that works with qualified lenders to offer home buyer education, specialized home loans, and down payment assistance. WSHFC is dedicated to increasing housing access and affordability and to expanding the availability of quality community services for the people of Washington. WSHFC is pleased to offer the Home Advantage Program. Funds for the Home Advantage program are continuously available and are subject to market rates and conditions.

Features

The Home Advantage Down Payment Assistance Loan Program is a second mortgage with a zero percent interest rate and payment deferred for 30 years that combines with the Home Advantage first mortgage.

    • 4% – 5% assistance available
    • Available statewide through a network of participating lenders
    • Conventional and Government financing available
    • Primary residence only
    • Income Limit is $145,000 Statewide
    • No 1st time home buyer requirement

Eligibility

Government Financing

  • DPA is 4% of the loan amount
  • One-unit single-family detached, attached, condos, and PUD’s
  • Manufactured Housing (double-wide) allowed
  • Max DTI is 43%
  • Minimum FICO is 620

Conventional Financing

  • DPA is 4% or 5% of the loan amount
  • One-unit single-family detached, attached, condos, and PUD’s
  • Manufactured Housing (double-wide) allowed on Fannie Mae (95% LTV max)
  • Max DTI is 43%
  • Minimum FICO is 620