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Home Advantage Downpayment Assistance – Needs Based Program

Home Advantage also offers Needs Based Downpayment Assistance. This second mortgage loan program has a 1% interest rate, payment deferred for 30 years, and also combines with the Home Advantage first mortgage loan program.

MAXIMUM LOAN AMOUNT

Please inquire with your lender to see if you qualify for a loan amount of up to $10,000.

MAXIMUM INCOME LIMIT as of 5/17/2023

To be eligible for a Home Advantage Downpayment Assistance Needs Based loan, you must not exceed the following income limits:

King/Snohomish $146,500

All Other Counties $114,600

VETERAN EXCEPTION

There is no assessment of need for Veterans to be eligible for the $10,000 loan amount.

HOMEBUYER EDUCATION

Borrowers must attend a Commission-sponsored homebuyer seminar prior to reserving funds under the Home Advantage Program. Cash back to borrowers is not allowed.

PARTICIPATING LENDERS

A participating loan officer can help you determine the home price you can afford, how much cash you will need to close, and how much you can borrow on a Home Advantage loan. See Premier Participating Lenders who have been helpful to homebuyers. Further restrictions apply.

QUESTIONS

If you have questions about the Home Advantage Needs Based Downpayment Assistance Loan Program, please contact Dietrich Schmitz at 206-287-4459 or toll free at 800-767-4663, Ext. 459, or by e-mail to dietrich.schmitz@wshfc.org.