No. Homes purchased through Homestead typically cost $50,000-$100,000 less than the home's market-value. First-time home buyers in Washington can take advantage of special loan programs and down payment assistance available just for residents. The notice of sale must include a statement that the landlord intends to sell the . Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Eligibility for HAF funding is based upon a variety of factors, including pandemic hardship. Applications for federal HAF funding are private and secure, but some limited information may be subject to public records requests. More than 80,000 qualified low- and moderate-income families have become homeowners through our programs. View the Income and Rent Limits page for more information. Also, HAF programs in other states have different guidelines and funding limits than the Washington HAF. How much should I save for a down payment? Borrowers entitled to VA loans are granted exceptions to some qualifying restrictions. Seattle, Washington 98104 | Phone: 206-464-7139 or 800-767-4663 | Home Advantage Receive up to 5% of your loan amount in down payment assistance, depending on the type of loan you choose (conventional, FHA, VA, etc.). Loans can be used to purchase single-family homes, townhomes, condos and manufactured homes. It all starts with a conversation with a lender or better yet, several lenders. household income is under the program limits (up to $180,000), your credit score is at least Are you familiar with the homebuyer assistance program I am using to buy my home. Pre-Purchase Homebuyer Education Classes or Housing Counseling, Down-Payment Assistance Programs or other help buying a home, Foreclosure Prevention Housing Counseling, Home Repair or Home Modification Assistance, Payment Assistance Programs (Availability varies. Generally, downpayment assistance programs that use Office of Housing funds will require the following eligibility and property selection criteria. They include charges related to the purchase of your home, and charges related to getting a mortgage. Fax: (206) 233-7117
