DOWN PAYMENT ASSISTANCE

Posted by Rachel Badgett on Wednesday, February 13th, 2019 at 11:47am.

We are very excited about this program - you'd be surprised who can qualify! A lender sent us this helpful information on January 8, 2019. Check it out!

DOWN PAYMENT ASSISTANCE PROGRAM INFO

HOW MUCH IS IT?
The program is free. It requires the client take a one day class through the WSHFC to be eligible. But first contact us for a free consultation we'll arrange with a qualified lender who can give you some quick tips!  

WHO CAN QUALIFY?
A credit score of 620 or above is required and ratios must be under 50% DTI. Have no clue what that means? Ross Palmer of CrossCountry Mortgage, who provided the info on this page, can easily explain this to you. Contact us to set up a meeting!

HOW MUCH IS THE LIMIT
The Down Payment Assistance programs vary for amount given – usually 4% or $10,000 (within Seattle city limits is $55k).
The main income limit in King and Snohomish is $90,000 to $145,000 for the different programs, but there are income census tracts throughout that have a No Income Limit.

The loan limits are $726,525 for the Home Advantage program & $475k (King) to $395k (Snohomish) for House Key.

Type an address into the http://www.freddiemac.com/homepossible/eligibility.html website to see what the limit is for the home you have in mind. 

These terms are subject to change so let us put you in contact with the best lender who can help you! We reply quickly to online inquiries - contact us today!

 


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