Covenant Down Payment Assistance

Covenant Down Payment Assistance é um segundo empréstimo diferido para compradores de imóveis em 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. Os recursos vêm de Washington State document-recording fee surcharge established by Covenant Homeownership Act (HB 1474, 2023); administered by WSHFC.

Covenant Down Payment Assistance é diferido, então não há pagamentos até que o imóvel seja vendido ou refinanciado, ou a primeira hipoteca seja quitada. O reembolso é acionado por Due upon sale, refinance, transfer of title, or when property is no longer borrower's primary residence. A ajuda é registrada como ônus em posição 2nd Lien. As condições de perdão e reembolso são definidas pelo programa e podem mudar — confirme-as na página oficial do programa antes de se inscrever.

Covenant Down Payment Assistance é aberto a compradores do primeiro imóvel e compradores de imóveis que vão morar no imóvel como residência principal. “Primeiro imóvel” tem exceções aqui: 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 crédito, o programa afirma: 620 minimum FICO; varies by underlying first mortgage product. É exigido um curso de educação para compradores de imóveis, por meio de WSHFC-sponsored Commission-Sponsored Homebuyer Education Seminar (5-hour course). Requisito de residência: 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. Cidadania ou situação imigratória: 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 a renda familiar a $188,500. O limite vale para a renda total da família, não só a do mutuário. Os valores da renda mediana da região são publicados pelo HUD e atualizados todo ano, então confira a tabela atual do condado antes de se basear em um número.

Covenant Down Payment Assistance limita o preço de compra assim: Subject to Home Advantage program sales price limits by county; no separate Covenant cap. Os tipos de imóvel elegíveis incluem Single-family detached, townhomes, condos (agency-approved), PUDs. Construções novas são elegíveis. Casas pré-fabricadas são elegíveis.

Covenant Down Payment Assistance cita veteranos, militares da ativa, reservistas e membros da Guarda Nacional, cônjuges sobreviventes, compradores de imóveis indígenas americanos e nativos do Alasca, educadores, agentes de segurança pública, bombeiros, profissionais de saúde e compradores de imóveis com deficiência entre os grupos que atende. Aparecer aqui significa que o programa menciona o grupo, não que fazer parte dele, por si só, qualifique um candidato — as demais regras de elegibilidade continuam valendo.

Covenant Down Payment Assistance atende compradores de imóveis que compram em Statewide, Washington.

As inscrições para Covenant Down Payment Assistance são feitas por meio de o órgão que administra o programa, que publica as condições atuais e as etapas da inscrição no próprio site. Os recursos são reservados por meio de Lender reserves via WSHFC's online lender portal alongside Home Advantage first mortgage reservation; eligibility prescreening required. A Hey Prescott não é uma credora e não aceita inscrições; esta página descreve o programa para que um comprador de imóvel possa levá-lo a um credor ou a um conselheiro habitacional.