Covenant Down Payment Assistance

Ang Covenant Down Payment Assistance ay isang ipinagpalibang pangalawang loan para sa mga bibili ng bahay sa 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. Ang pondo ay mula sa Washington State document-recording fee surcharge established by Covenant Homeownership Act (HB 1474, 2023); administered by WSHFC.

Ipinagpaliban ang Covenant Down Payment Assistance, kaya walang bayarin hanggang maibenta o ma-refinance ang bahay, o mabayaran nang buo ang unang mortgage. Kailangang bayaran kapag may Due upon sale, refinance, transfer of title, or when property is no longer borrower's primary residence. Nakatala ang tulong bilang lien sa posisyong 2nd Lien. Ang mga tuntunin sa pagpapatawad at pagbabayad ay itinatakda ng programa at maaaring magbago — kumpirmahin ang mga ito sa opisyal na pahina ng programa bago mag-apply.

Bukas ang Covenant Down Payment Assistance sa mga unang beses na bibili ng bahay at mga bibili ng bahay na titira sa bahay bilang pangunahing tirahan. May mga eksepsiyon dito ang "unang beses": 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. Tungkol sa credit, sinasabi ng programa: 620 minimum FICO; varies by underlying first mortgage product. Kailangan ang kurso sa homebuyer education, sa pamamagitan ng WSHFC-sponsored Commission-Sponsored Homebuyer Education Seminar (5-hour course). Requirement sa paninirahan: 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. Citizenship o katayuan sa imigrasyon: 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.

Nililimitahan ng Covenant Down Payment Assistance ang kita ng sambahayan sa $188,500. Nalalapat ang limit sa kabuuang kita ng sambahayan, hindi lang sa kita ng nanghihiram. Ang mga numero ng median na kita sa lugar ay inilalathala ng HUD at ina-update taun-taon, kaya tingnan ang kasalukuyang talahanayan para sa county bago umasa sa isang numero.

Ganito nililimitahan ng Covenant Down Payment Assistance ang presyo ng pagbili: Subject to Home Advantage program sales price limits by county; no separate Covenant cap. Kabilang sa mga kwalipikadong uri ng ari-arian ang Single-family detached, townhomes, condos (agency-approved), PUDs. Kwalipikado ang bagong gawang bahay. Kwalipikado ang mga manufactured home.

Binabanggit ng Covenant Down Payment Assistance ang mga beterano, mga miyembro ng militar na nasa aktibong serbisyo, mga reservist at miyembro ng National Guard, mga naiwang asawa, mga American Indian at Alaska Native na bibili ng bahay, mga edukador, mga alagad ng batas, mga bumbero, mga manggagawa sa kalusugan, at mga bibili ng bahay na may kapansanan sa mga grupong pinaglilingkuran nito. Ang pagkakabanggit dito ay nangangahulugang binabanggit ng programa ang grupo, hindi na sapat na ang pagiging miyembro para maging kwalipikado ang isang aplikante — nalalapat pa rin ang iba pang patakaran sa eligibility.

Pinaglilingkuran ng Covenant Down Payment Assistance ang mga bibili ng bahay sa Statewide, Washington.

Dumadaan sa ang ahensyang nangangasiwa ang mga aplikasyon para sa Covenant Down Payment Assistance, na naglalathala ng kasalukuyang mga tuntunin at mga hakbang sa pag-apply sa sarili nitong site. Nirereserba ang pondo sa pamamagitan ng Lender reserves via WSHFC's online lender portal alongside Home Advantage first mortgage reservation; eligibility prescreening required. Ang Hey Prescott ay hindi nagpapautang at hindi tumatanggap ng aplikasyon; inilalarawan ng pahinang ito ang programa para madala ito ng bibili ng bahay sa isang lender o housing counselor.