Down Payment Assistance in Spokane
If you are a home buyer looking for down payment assistance in Spokane Washington, you may want to look into the Home Advantage Down Payment Assistance Program. This program is available to all home buyers regardless of whether you are a first time home buyers or a seasoned home buyers. This 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 a second mortgage added to a FHA home loan. The second mortgage can be for up to 4% of the amount of the FHA loan so it will cover the 3.5% down payment. In effect, this program turns the FHA loan into a no money down home loan. This loan is interest free and there is nothing due until the first loan is paid off. Whether the home is sold, refinanced or the loan is paid off over 30 years, once the first loan is paid off the second mortgage is payable in full.
To qualify for this down payment assistance in Spokane Washington there is a maximum gross income limit of $97,000 per year. This income requirement is extended only to the borrower or borrowers on the actual loan, not on the 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: Down Payment Assistance in Spokane
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 this down payment assistance program at Spokane Real Estate.
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