Covenant Down Payment Assistance

Covenant Down Payment Assistance es un segundo préstamo diferido para compradores de vivienda en Statewide, Washington. The Covenant Down Payment Assistance program is the nation's first state-funded reparative homeownership program, established by Washington's Covenant Homeownership Act (HB 1474, 2023) to remedy the harm of historic racially restrictive covenants. It provides up to 20% of the home purchase price (up to $150,000) as a 0% deferred second mortgage to qualifying first-time homebuyers who can document descent from a Washington resident harmed by racial covenants prior to April 11, 1968. Funded by a document-recording surcharge. Up to $150,000 in down payment assistance for eligible homebuyers descended from individuals harmed by Washington State's historic racially restrictive real estate covenants. Established under Washington's Covenant Homeownership Act (HB 1474, 2023), the program addresses historic race-based housing discrimination by funding down payments for Black/African American buyers (and other eligible groups identified through state research) whose ancestors lived in Washington before April 11, 1968 (the federal Fair Housing Act). Structured as a 0% interest, deferred-payment second mortgage with no monthly payments. due at sale, refinance, or transfer. Funded by a document-recording fee surcharge. Los fondos provienen de Washington State document-recording fee surcharge established by Covenant Homeownership Act (HB 1474, 2023); administered by WSHFC.

Covenant Down Payment Assistance es diferido, así que no hay pagos hasta que la vivienda se venda o se refinancie, o se termine de pagar la primera hipoteca. El reembolso se activa por Due upon sale, refinance, transfer of title, or when property is no longer borrower's primary residence. La ayuda se registra con un gravamen en posición 2nd Lien. Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

Covenant Down Payment Assistance está abierto a compradores de vivienda por primera vez y compradores de vivienda que vivirán en la vivienda como su residencia principal. “Primera vez” tiene excepciones aquí: First-time homebuyer required (no ownership interest in principal residence in prior 3 years); buyer or buyer's parent/grandparent must have been a Washington resident on or before April 11, 1968. Sobre el crédito, el programa indica: 620 minimum FICO; varies by underlying first mortgage product. Se requiere un curso de educación para compradores de vivienda, a través de WSHFC-sponsored Commission-Sponsored Homebuyer Education Seminar (5-hour course). Requisito de residencia: Property must be located in Washington State and occupied as primary residence; borrower or lineal ancestor must have been a Washington resident on or before April 11, 1968. Ciudadanía o situación migratoria: U.S. citizen or qualified non-citizen per agency loan-product guidelines. Created by Washington State's Covenant Homeownership Act (HB 1474, signed 2023). Eligibility requires: (1) borrower or borrower's lineal ancestor was a Washington resident on or before April 11, 1968, AND (2) the ancestor was a member of a group historically excluded from homeownership by racially restrictive covenants in Washington (per WSHFC's eligibility methodology, Black/African American applicants meeting the residency tests are the primary qualifying group; other groups identified by the state research study may also qualify). The program is designed to remedy past racial discrimination and is open only to those who can document that their family was harmed by race-based housing exclusion in Washington. Documentation of ancestral residency is required (e.g., census records, deeds, vital records). First-time homebuyer required. WSHFC Commission-Sponsored Homebuyer Education Seminar required. Must be paired with WSHFC Home Advantage first mortgage.

Covenant Down Payment Assistance limita el ingreso del hogar a $188,500. El límite se aplica al ingreso total del hogar, no solo al del prestatario. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

Covenant Down Payment Assistance limita el precio de compra así: Subject to Home Advantage program sales price limits by county; no separate Covenant cap. Los tipos de propiedad elegibles incluyen Single-family detached, townhomes, condos (agency-approved), PUDs. La construcción nueva es elegible. Las viviendas prefabricadas son elegibles.

Covenant Down Payment Assistance menciona a veteranos, miembros del servicio militar activo, reservistas y miembros de la Guardia Nacional, cónyuges sobrevivientes, compradores de vivienda indígenas americanos y nativos de Alaska, educadores, agentes del orden público, bomberos, trabajadores de la salud y compradores de vivienda con discapacidades entre los grupos a los que atiende. Aparecer aquí significa que el programa menciona al grupo, no que pertenecer a él baste por sí solo para que un solicitante califique; las demás reglas de elegibilidad siguen aplicándose.

Covenant Down Payment Assistance atiende a compradores de vivienda que compran en Statewide, Washington.

Las solicitudes de Covenant Down Payment Assistance se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de Lender reserves via WSHFC's online lender portal alongside Home Advantage first mortgage reservation; eligibility prescreening required. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.