Home Advantage Downpayment Assistance - Needs Based Program

Home Advantage Downpayment Assistance - Needs Based Program is a deferred second loan for homebuyers in Statewide, Washington. The Home Advantage Needs Based Program offers enhanced 5% / $10,000 DPA at 1% simple interest to lower-income borrowers (at or below 80% AMI by county) using a Home Advantage first mortgage. Designed for borrowers who need more than the standard 4% Home Advantage DPA but qualify under stricter income tests. Enhanced version of Home Advantage DPA for lower-income borrowers. Provides up to 5% of the first mortgage loan amount (up to $10,000) as a 1% simple interest deferred-payment second mortgage. Targeted at borrowers at or below 80% of area median income. income limits range from approximately $122,100 to $157,100 depending on county. No monthly payments. principal and accrued interest due at sale, refinance, transfer, or end of first mortgage. Must be paired with a WSHFC Home Advantage first mortgage. Funding comes from WSHFC Home Advantage program.

Home Advantage Downpayment Assistance - Needs Based Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Due at sale, refinance, transfer of title, end of first mortgage term, or when property is no longer borrower's primary residence. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Home Advantage Downpayment Assistance - Needs Based Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 620 minimum FICO. A homebuyer education course is required, through WSHFC-sponsored Commission-Sponsored Homebuyer Education Seminar (5-hour course, free, online or in-person). Residency requirement: Property must be in Washington and occupied as primary residence. Citizenship or immigration status: U.S. citizen or qualified non-citizen per agency loan-product guidelines. Income must be at or below 80% AMI for the property's county. WSHFC Commission-Sponsored Homebuyer Education Seminar required before signing purchase contract. Must use Home Advantage first mortgage. Property must be in Washington and occupied as primary residence. The Needs Based program is one of several WSHFC DPA options that can be selected based on borrower fit; borrowers can compare with standard Home Advantage DPA, Opportunity DPA, HomeChoice, Veterans, and Covenant DPAs.

Home Advantage Downpayment Assistance - Needs Based Program limits household income to 80% of the area median income, which varies by county and household size. Income limit equals 80% of area median income for the property's county; ranges approximately $122,100 to $157,100 depending on county and household size. Use WSHFC's income limits table at https://www.wshfc.org/buyers/income.htm. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Home Advantage Downpayment Assistance - Needs Based Program caps the purchase price as follows: No WSHFC-imposed sales price cap; subject to agency loan limits. Eligible property types include Single-family detached, townhomes, condos (agency-approved), PUDs and manufactured housing per agency guidelines. New construction is eligible. Manufactured homes are eligible.

Home Advantage Downpayment Assistance - Needs Based Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Home Advantage Downpayment Assistance - Needs Based Program serves homebuyers purchasing in Statewide, Washington.

Applications for Home Advantage Downpayment Assistance - Needs Based Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender reserves via WSHFC online lender portal alongside Home Advantage first mortgage. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.