If you are a home buyer in the state of Washington and looking for a no money down mortgage you may want to look into the Home Advantage Down Payment Assistance Program. This is a program that is not only available to first time home buyers, but is also available to seasoned home buyers. The program is offered by the Washington State Housing Finance Commission and is funded through Washington State bonds.
The Home Advantage Down Payment Assistance Program is actually a second mortgage added to a FHA home loan, turning the FHA mortgage into a no money down mortgage. The state bond portion of the loan can be for up to
4% of the amount of the FHA loan so it will cover the 3.5% down payment. This is also an interest free loan and there are no payments due until the FHA loan is paid off. Once the FHA loan is paid off; whether the home is sold, refinanced or the loan is paid off over 30 years, the second mortgage is payable in full.
To qualify for this loan, the borrower or borrowers may not have a combined gross annual income of over $97,000 per year. This income requirement is extended only to the borrowers on the loan, not on household income.
The borrower is also required to complete a Home Buyer Education Class that they will receive a certificate for. If there are multiple borrowers on the loan, only one is required to complete the class. This is a 5 hour class taught by a real estate agent and a lending professional that have both received special certification from the Washington State Finance Commission. In addition to loan eligibility, this class will provide a wealth of information for home buyers.
For more information go to: No Money Down Mortgage
I teach the Home Buyer Education class about once a month here in Spokane Washington. If you have any questions, or would like to sign up for the next available class, Please give me a call at 509-844-7354.
Please visit my website for more information on other no money down mortgage programs at Spokane Real Estate.
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