Current mortgage rates in WA

Mortgages in Washington

These programs are not all exclusively for first-time homebuyers. Veterans and individuals buying homes in the state’s targeted areas may also qualify for assistance.

However, these programs are primarily for lower-income households, so your household’s income cannot exceed $145,000.

More: Get a free credit score and credit monitoring from Credit Sesame.

Home Advantage Program

This program is designed to help residents secure a good interest rate on a home loan. Working through one of the commission’s participating lenders, you’ll qualify for a 30-year mortgage with a special interest rate as well as down payment assistance of up to 4% of your total loan.

You can find the Home Advantage rates on WSHFC’s website.

Home Advantage Down Payment Assistance

WSHFC recognizes that for many households, a significant hurdle to becoming a homeowner is the down payment and closing costs.

The commission lowers this barrier by offering loans you can use to pay these upfront costs. You’ll need to have a mortgage through the Home Advantage program and a minimum credit score of 620.

With the Home Advantage DPA, you can qualify for up to 4% of the total loan amount or even 5% if you’re using WSHFC’s conventional HFA Preferred loan.

The loan has a 0% interest rate, and you won’t need to make any payments for 30 years.

Home Advantage Down Payment Assistance – Needs Based Program

This down payment assistance program also requires you to have a Home Advantage mortgage.

With the needs-based program, you can receive a loan of up to $10,000, with a 1% interest rate. Payment will still be deferred for 30 years.

Because this is a needs-based program, you’ll have to meet specific household income limits: no more than $113,300 in King/Snohomish and $89,800 in all other counties. However, if you are a veteran, you are exempt from the assessment of need.

More: Use these savings accounts to build up your down payment.

House Key Opportunity Program

This program helps first-time homebuyers — and those buying in targeted areas — secure a mortgage with a below-market interest rate.

To qualify for help, you’ll have to fall within your region’s income limits, and your loan cannot exceed $510,400.

You’ll also have to qualify for one of the commission’s compatible down payment assistance loans, including the Opportunity DPA — unless you’re buying a brand-new property that’s never been occupied.

Opportunity DPA

Opportunity is a down payment assistance program that offers up to $10,000 in the form of a second mortgage. It’s tied to the House Key Opportunity Program, so you need to qualify for the primary mortgage first.

The down payment assistance loan comes with a 1% interest rate, but payment will be deferred for 30 years.

The Best Lenders for a Mortgage

See Lenders

About the Author

Sigrid Forberg

Sigrid Forberg

Staff Writer

Sigrid is a staff writer with MoneyWise. A graduate of Carleton University's journalism program, she spent the better part of the last six years writing about business and retail. In her spare time, she enjoys reading, baking and riding her bicycle.

`

You May Also Like

Title Fraud Can Mean the Loss of Your Home — Here’s How To Protect Yourself

Prevent scammers from stealing your biggest assets and demolishing your credit.

Here’s How to Find Better Deals When You Shop Online

There’s an easy way to automatically scan for lower prices, and it’s totally free.

Sprucing Up Your Home? Don't Decorate Without This Money-Saving Secret

This 30-second trick can save you a surprising sum on any big project.

Here's How to Pay for That Perfect Patio Escape This Year

Don’t settle — with one move, you can make your staycation sensational.

`