HomeChoice is a down payment assistance program offered by the Washington Housing and Finance Commission. It combines with the House Key and Home Advantage first mortgage loan programs. 

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HomeChoice Down Payment Assistance Program

Financial Assistance for Homebuyers in Washington

HomeChoice is a down payment assistance program offered by the Washington Housing and Finance Commission. It helps qualified, first-time homebuyers who have a disability or have a family member with a disability, by offering a payment-deferred, second mortgage, which provides up to $15,000 to be used for down payment and closing costs. HomeChoice combines with the House Key and Home Advantage first mortgage loan programs.

Under the HomeChoice program borrowers receive $15,000 in the form of a second mortgage. The loan comes with a 1 percent interest rate. Payments are deferred for 30 years, or until the home is sold, or refinanced.

Eligibility Requirements
The HomeChoice program is only available to individuals who have a disability or who have a family member with a disability living with them. All applicants must be first-time homebuyers, unless they are purchasing a home in a Target Area, in which case it isn’t a requirement. It is mandatory that all borrowers attend and complete a free Homebuyer Education Seminar, referred by the HomeChoice Lender.

Income Limits (as of April 2017)
King/Snohomish: $96,000
Island: $77,300
Kitsap: $77,100
All Other Counties: $76,500

The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Down Payment Grants in Washington

The ARCH East King County Downpayment Assistance Loan Program helps qualified borrowers purchasing a home or condominium within an ARCH member city. It provides up to $30,000 in down payment assistance at 4 percent simple interest. 

The Washington State Housing Finance Commission offers residents of Bellingham the Bellingham Downpayment Assistance program with up to $40,000 in down payment and closing cost assistance. Payment can be deferred for 30 years at 3% simple interest.

The Washington State Housing Finance Commission offer homebuyers the Home Advantage Down Payment Assistance Loan Program, a second mortgage with a zero percent interest rate and payment deferred for 30 years that combines with the Home Advantage first mortgage.

HomeChoice is a down payment assistance program offered by the Washington Housing and Finance Commission. It combines with the House Key and Home Advantage first mortgage loan programs. 

The Washington State Housing Finance Commission's House Key Veterans program offers down payment assistance in the form of a second mortgage loan to Washington State veterans who have served our country.

The Washington State Housing Finance Commission offers a down payment assistance program called Opportunity, a second mortgage loan program with a 1 percent interest rate, with the payment deferred for 30 years. 

This program is for qualified borrowers purchasing within the Pierce County limits, outside of the Tacoma, Lakewood, Bonney Lake, Auburn, and Pacific city limits. The loan amount goes up to $24,900, with payments deferred for 30 years, at 4 percent simple interest.

Under this program, qualified borrowers purchasing within the city limits of Seattle are allowed up to $45,000 in assistance with payments deferred for 30 years, at 3 percent simple interest. Funds may be used for down payment and closing costs.

Qualified borrowers within Tacoma city limits are allowed up to $20,000 in down payment and closing cost assistance with payments deferred for 30 years, at 4 percent simple interest. The borrower’s minimum down payment requirement is $500.

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