<h2> Buying a Home with No Down Payment Options</h2>

In the state of Washington utilizing programs available from Washington State Housing Finance Commission, it’s possible to buy a home with no down payment coming from the buyer if the first mortgage is a Washington State Housing Finance Commission Down Payment Assistance sponsored program. Currently there are multiple options for First & Second mortgages available from WSHFC.

The Washington State Housing Finance Commission (Commission), established in 1983, is a publicly accountable, self-supporting team dedicated to increasing housing access and affordability and to expanding the availability of quality community services for the people of Washington.

At the Commission, we feel good about what we do. We stabilize families; we ensure that the elderly maintain their dignity; we finance opportunities for people with disabilities; we provide affordable housing and facilities for community and we foster economic development – all at no cost to the citizens of Washington. As a self-supporting agency, everything we do at the Commission is without taxpayer money.

The Commission provides homeownership opportunities for eligible borrowers purchasing homes in the state of Washington through a statewide network of participating lenders.

The Commission performs program administration tasks and has contracted with ServiSolutions to serve in the capacity of Master Servicer.

BENEFITS OF THE HOME ADVANTAGE PROGRAM

The Home Advantage program is designed for low and moderate-income households. Advantages include:

Program advantages for Borrower:

o Qualifies for a larger mortgage. o Flexible underwriting criteria. o Manufactured homes available. o Upfront Mortgage Insurance program available.

Downpayment assistance programs for downpayment and closing costs:

o Wraps closing costs into the loan. o Combines with other community downpayment assistance programs. o Allows higher Combined Loan-to-Value. o Serves special populations

ELIGIBLE BORROWERS

OCCUPANCY REQUIREMENT

All Borrowers must occupy the Single-Family Residence as their personal principal residence within 60 days from the date the Mortgage Loan is closed.

FIRST-TIME HOMEBUYER REQUIREMENT

The Borrower(s) does not need to be a First-Time Homebuyer unless used in conjunction with the Mortgage Credit Certificate Program or a Commission downpayment assistance program that further restricts.

CALCULATION OF CREDIT UNDERWRITING INCOME

When using credit underwriting income, income is calculated according to the investor’s (FNMA, FHA, VA) underwriting guidelines. The lender should then refer to the Maximum Income Limit in the Program Manual to determine if the borrower is at or below the income limit.

A copy of the underwriter’s loan approval reflecting final income figures must be included in the Pre-Closing Compliance Review File.

MAXIMUM TOTAL ANNUAL INCOME

To be eligible for a Program loan, an applicant's Credit Underwriting Income must not exceed the following Program income limits at the time of loan closing:

Statewide: $97,000 (note: County median income limits apply when using conventional financing. See website for details)

CO-SIGNER/GUARANTOR

The Commission defines a co-signer as a person who signs the Note, may or may not take title to the property, and is only responsible for payments if the primary Borrower does not make the payments. The Commission will accept a non-occupant co-signer.

Fixed interest rate for 30 years:

FHA, VA, & USDA Rural Development Loans & Conventional loans: Interest rates change with market conditions and are posted on the WSHFC website.

You must first attend a free Homebuyer Education seminar. It will provide you with the steps to buying your first home. You will receive a certificate upon completion of the class, valid for two years. This will be a requirement of your loan process. HOMEBUYER EDUCATION | SEMINAR SCHEDULE

Contact a Commission-trained loan officer to see what you will qualify for. They can find the right loan type that will work with our programs. They also know the income limits we require. Robert Bushnell / Sound Mortgage, Inc. is a commission trained loan officer on these loans and can assist you.

Once you know how much you qualify for, it is time to look for a home. Your lender and real estate professional will work with you to locate and finance a home.

Second Mortgage Loans for Down payment Assistance

These programs provide assistance for down payment and closing costs and they can only be used with the Commission's first mortgage loan programs. All down payment assistance loans are due and payable upon sale, transfer, non-occupancy or refinance of property. The Commission does not subordinate our second mortgages upon refinance of the first mortgage.

Home Advantage is a second mortgage program for qualified borrowers.

PROGRAM ELIGIBILITY

1. Eligible Borrowers who purchase within the state of Washington and meet the guidelines below. 2. No requirement for reserves 3. No Needs Assessment or Subsidy Worksheet required.

MORTGAGE DETAILS

Interest Rate – 0% simple interest, payment deferred Loan Term – 30 years Maximum Loan Amount – 4% of 1st mortgage loan amount Repayment – Due at the time of sale, transfer, refinance or 30 years.

Eligible households may qualify for a maximum loan amount of up to 4% of the loan amount in all counties towards downpayment and closing costs. Borrower is not required to take the full 4%.

INCOME LIMITS

To be eligible for a Program loan, an applicant's income must not exceed the following Program Income Limits at the time of loan closing:
Statewide: $97,000

HomeChoice is a second mortgage program for qualified borrowers who have a disability or a family member with a disability living with them. Funds up to $15,000. One-on-one counseling is required.

House Key Schools is a second mortgage program for teachers and employees of community or technical colleges and K-12 public or private schools. Funds up to $10,000.