03/23/2023
In this video we go over two places to get down payment assistance from!
NOTE: These are both going to be second mortgage loans on top of your first mortgage.
Washington State Housing Finance Commission Down Payment assistance
https://www.wshfc.org/buyers/downpaym...
・available for FHA and conventional loans
・Average $10k DPA
・household income is under the program limits (up to $180,000)
・minimum 620 credit score
・Only single-family properties
・you’re otherwise qualified for a home loan, you are probably eligible
・Interest rate on DPA loan (second mortgage)
・0%-4% depending on the program
・Payment deferred (no payment to DPA loan required until loan is paid off)
・A little more strict
Chenoa Down Payment assistance
https://chenoafund.org/lender/programs/
Chenoa FHA and Conventional:
・available for FHA and conventional loans
・Down payment assistance 5% (depending on product)
・No income limits (depending on program)
・Down to a minimum 600 credit score on FHA loan product (620 or higher on conventional)
・Available for up to 2 unit properties on FHA
interest rate on DPA loan (second mortgage)
・0% or 2% higher than FHA first mortgage
・Repayable and Forgivable DPA loan options
・Less strict guidelines
・Not available in NY
FHA
・Up to 5% DPA (3.5-5%)
・This product has no AMI limits for qualification. Borrowers will need to be below 135% AMI to receive the best pricing.
・minimum 600 credit score
・DPA for up to 2 unit properties
Conventional
・3% toward down payment, closing costs, prepaid items, or any combination of the three
・No income limits depending on conventional loan program (limits on
・Min. 620 credit score
・Single-family properties only
・At least one borrower must be first-time home buyer
