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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
February 1, 2022
Standardized Subordinate Lien Documents
Dear Lending Partners,
Housing finance agency (HFA) downpayment assistance programs (DPA) can be powerful tools for lenders serving low to moderate income homebuyers.
As you are aware each HFA creates its own legal documents for downpayment assistance programs and differences can cause confusion for lenders.
Effective immediately, the Commission is pleased to announce we are participating in the Standardized Subordinate Lien Document Project. Just as originators and investors use uniform Fannie Mae/Freddie Mac instruments, this initiative will bring efficiency and confidence to the legal documents securing DPA providers' interests.
The Commission has implemented these Fannie/Freddie approved standardized subordinate lien documents. They can be pulled directly from our Lender Online system at time of loan commitment for the following downpayment assistance programs:
Home Advantage 0% DPA
Home Adantage 1%-Needs Based DPA
Opportunity DPA
HomeChoice DPA
Veterans DPA
Please begin to use these new updated documents. We will honor the old Notes and DOTs up to 30 days from the date of this announcement.
We appreciate your partnership and all you do.
Questions? Contact Corinna.obar@wshfc.org