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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

June 14, 2019
Now Offering Freddie Mac's HFA Advantage Mortgage!

The Washington State Housing Finance Commission is pleased to partner with Freddie Mac to offer the HFA Advantage Mortgage!

What are the product offerings?

This product offers the following:

Maximum 97% LTV – 105% TLTV

Income limit up to $145,000

All credit fees in price waived

Charter-level mortgage insurance – starting at 18%

Available to first-time homebuyers and repeat buyers

Please note, this product does not allow the following:

Manufactured homes

Non-owner occupant co-borrowers or co-signers

DU Findings not accepted

Super conforming loans

How Do I Enter the HFA Advantage Mortgage into Loan Product Advisor (LPA)?

The “Offering Identifier” field must show as HFA Advantage.

An Affordable Second that does not require a payment within the first 60 months can be entered in the “Total Gift Fund” field.

LPA findings must show as “Accept”. The Commission will not accept DU Findings under the program.

What about training?

The Commission and Freddie Mac will host training webinars on the following dates:

July 11th at 11:00 am PST

July 23rd at 11:00 am PST

A separate announcement with a registration link will be sent out in the near future.

When can I start reserving Freddie Mac’s HFA Advantage product?

You can start reserving as of Monday, June 17, 2019 under our Home Advantage program. Once you click on Home Advantage, you will see a separate rate selection with and without DPA Assistance for HFA Advantage. The rates may differ from our Fannie Mae offering.

You can also start reserving on Monday under House Key using the conventional rate.

Please note:

For reservations made prior to June 17, 2019, you cannot switch to a Freddie Mac rate as the Commission does not have a rate available prior to program release.

Updated Home Advantage and House Key manuals and program matrices will be posted shortly.

If you have additional questions, please email Corinna Obar

 

 
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