Washington Home Advantage

Washington Home Advantage is a deferred second loan for homebuyers in Washington. The Washington Home Advantage Down Payment Assistance program, offered through the Washington State Housing Finance Commission (WSHFC), provides eligible first-time homebuyers with down payment and closing cost assistance of up to 4% of the first mortgage loan amount. The assistance is structured as a second mortgage with low interest. Borrowers must use a WSHFC Home Advantage first mortgage. Income and purchase price limits apply. The program is available statewide in Washington and is compatible with FHA, VA, USDA, and Conventional loans. Up to 4% of first mortgage amount in down payment and closing cost assistance. Low 1% fixed interest rate on the second mortgage. Available to all homebuyers, not just first-time buyers. Statewide availability throughout Washington State. Compatible with FHA, VA, USDA, and Conventional loans. No prepayment penalty. Paired with competitive WSHFC Home Advantage first mortgage rates. Funding comes from State.

Washington Home Advantage is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, No Longer Primary, and Maturity Date. 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.

Washington Home Advantage is open to homebuyers who will live in the home as their primary residence. The program lists a minimum credit score of 620. A homebuyer education course is required, through WSHFC-approved homebuyer education seminar providers. See wshfc.org for a list of approved providers and online/in-person seminar options. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Must use a WSHFC-approved lender; must complete an approved homebuyer education seminar; income of all household members counts toward limit; property must be primary residence in Washington State.

Washington Home Advantage limits household income to 100% of the area median income, which varies by county and household size. 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.

Washington Home Advantage caps the purchase price as follows: Purchase price limits vary by county; see WSHFC website for current limits. Eligible property types include Single Family, Condo, Townhouse, Manufactured Home, and New Construction. New construction is eligible. Manufactured homes are eligible.

Washington Home Advantage serves homebuyers purchasing anywhere in Washington.

Applications for Washington Home Advantage go through the administering agency, which publishes the current terms and the application steps on its own site. 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.