Down Payment Assistance Program Matrix - Program Features ...

Down Payment Assistance Program Matrix

Home Advantage DPA 2nd Home Advantage DPA 2nd -

Downpayment Assistance Program

- 0% Option

0% Option

Required 1st Mortgage Type

Home Advantage

Home Advantage FHA or Conventional Only

Home Advantage DPA 2nd- Needs Based ? 1%

Option

Home Advantage only

Opportunity DPA

House Key only

Eligible Borrowers

All purchasing a primary residence

First-Time Homebuyer or purchasing in a Targeted Area1 or an honorably

discharged Veteran

Income Calculations Income Limit

Acquisition Cost Limit

$180,000 Statewide

None

Credit Income

See Manual Here

See Manual Here Yes, see manual here.

Eligible Areas

All of Washington State

3% or 4% of 1st Mtg amount

Maximum Assistance (including UFMIP) rounded down to

nearest dollar.

Interest Rate

0%

5% of 1st Mtg amount rounded down to nearest dollar.

0%

Up to $10,000

Up to $15,000

1%

Simple interest; no monthly payment; due in 30 years or at time of sale, transfer, payoff of 1st mortgage, refinance or no longer occupying as a primary

Terms

residence.

Use of Down payment Assistance Needs Assessment

Needs Determination

Front-End DTI

None None

None

Downpayment, Closing Costs & Pre-Paids

Yes, can be waived if borrower is a Veteran Borrower allowed to keep the greater of 6 months PITI or $10,000 in

liquid reserves. If Front-End DTI is under 25%, LTV must be maximum for 1st mortgage

product (e.g. FHA 96.5%, FNMA 97%, if FNMA manuf-95%)

Minimum Borrower Contribution

None

Requires Environmental Review(E.R.)?

No

Miscellaneous

N/A

WSHFC DPA's cannot be combined with other WSHFC DPA's. Please see program manual for detailed program description as further restrictions apply.

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Downpayment Assistance Program

HomeChoice

Veterans

Bellingham

Required 1st Mortgage Type

First-Time Homebuyer or purchasing in a Targeted Area1 or

an honorably discharged

Eligible Borrowers Veteran. Eligible borrowers must First-time homebuyer & Veteran

have a qualifying disability or

per RCW 41.04.007

have a family member with a

qualifying disability living with

Income Calculations

them

Credit Income

Home Advantage or House Key First-time Home Buyers Compliance Income

Income Limit Acquisition Cost Limit

See Manual Here None

See Manual Here None

See Manual Here $356,250 for Condos or $646,000

for non-Condos

Eligible Areas

All of Washington State

Within the city limits of Bellingham

Clark County DPA

East King County (ARCH) Down Payment Assistance

First-time Home Buyers

All purchasing a primary residence

Credit Income See Manual Here

$600,000

Within Clark County

Compliance Income See Manual Here

$632,000 East King County ARCH area; See

manual

Maximum Assistance

Up to $15,000

Up to $10,000

Up to $40,000

Up to $60,000

Up to $30,000

Interest Rate

1%

3%

3%

2%

4%

Terms

Simple interest; no monthly payment; due in 30 years or at time of sale, transfer, payoff of 1st mortgage or refinance.

Use of Down payment Assistance Needs Assessment

Downpayment, Closing Costs, Minor Accessibility

Improvements & Pre-Paids

Needs Determination

Downpayment, Closing Costs & Pre-Paids

Yes, use Needs Assessment Form Borrower allowed to keep the greater of 6 months PITI or $10,000 in liquid reserves.

If Front-End DTI is under 25%, LTV must be maximum for 1st mortgage

Front-End DTI

product (e.g. FHA 96.5%, FNMA 97%, if FNMA manuf-95%)

Front end ratio (PITI/Credit Income) must be 25% or greater.

Minimum Borrower Contribution

None

Requires Environmental Review(E.R.)?

No

Disabled Adult must be on the Miscellaneous loan unless legal guardianship is

in place.

Must have DD-214 or similar document

Greater of 1% or $2,500 of own funds into the transaction (25% of the borrower's portion can be gift).

None

Borrower must have 2% of own funds into the transaction (50% of the borrowers portion can be gift).

Yes - E.R. ordered by WSHFC after receipt of appraisal.

No

Yes - E.R. ordered by WSHFC after

receipt of appraisal.

HOME Disclosures must be signed

Buyers may not own an investment

by Seller at or prior to mutual

N/A

property

acceptance or file is ineligible.

WSHFC DPA's cannot be combined with other WSHFC DPA's. Please see program manual for detailed program description as further restrictions apply.

12/7/2023

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