Mortgage Monday: Down Payment Assistance Program

Down Payment Assistance Program

In addition to loan programs for first time home buyers, the Washington State Housing Finance Commission also has a down payment assistance program. They are second mortgages used in conjunction with House Key first mortgages. The down payment assistance program receives funding from sources including, but not limited to federal funds (HOME, CDBG), State funds, city funds, and the Commission’s Program Investment Funds. For further information on the funding sources for this program please go to the commission website www.wshfc.org.

The first mortgage must be a House Key FHA, My Community Mortgage, Freddie Mac Home Possible, Rural Housing Service 502 Guaranty, VA,HUD 184 Loan, or 203 Streamline loan. If you are using the 203 Streamline program, your lending institution must be approved in advance by the Master Servicer.

Income levels must meet the down payment assistance programs requirements. Income limits for the 1st mortgage will be different then for the 2nd. The borrowers must meet the 1st and 2nd income limits.

The borrowers must demonstrate a need for assistance.

For more information on this and other programs available to the first time home buyer through the Washington State Housing Finance Commission please visit their website.

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