WaHFC Veterans Downpayment Assistance
Best For: First Time Homebuyers, Low Down Payments, Zero Down
Veterans $0 Down DPA
This loan program is not available in Laguna Hills, CA
Program Description
$0 out of pocket program. Veterans is a DPA of $10,000 2nd mortgage @ 3.00% interest, deferred payments. Must be FTHB or buying in a targeted area.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
WaHFC Veterans Downpayment Assistance
Min. Credit Score
580
Min. Down Payment
No Limits
Max Loan Amount
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to 5.00% of 1st Loan Amount
Type: Deferred Payment Program - Repayable
Downpayment assistance, second mortgage loan program with a 3.00% interest rate and payments deferred for up to 30 years
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- WaHFC Home Advantage FHA Loan Program
- WaHFC Home Advantage FNMA HFA Preferred
- WaHFC Home Advantage VA Loan Program
- WaHFC Home Advantage FHLMC HFA Advantage
- WaHFC Home Advantage USDA Loan Program
- WaHFC Home Key Opportunity VA Loan Program
- WaHFC Home Key Opportunity USDA Loan Program
Pros & Cons
- DPA is 2nd mortgage with Deferred Payments
- County-based income limits ($146,500 max)
- Must be eligible Veteran
Program Availability
WaHFC Veterans Downpayment Assistances are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“Subsidized rates on $0 down purchases. $0 out of pocket program. Veterans is a DPA of $10,000 2nd mortgage @ 3.00% interest, deferred payments. Must be FTHB or buying in a targeted area. County-based income limits ($146,500 max)"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
$114,600 - $146,500
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- Up to $10,000 assistance toward down payment and/or closing costs
- Lower Credit Scores Allowed
- $0 (Zero) Down Payment
Additional Conditions
- County-based income limits ($146,500 max)
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: Done by the Commission. Must be done before reservation
All Borrowers listed on the Note and Deed of Trust need to complete a Homebuyer Education Seminar registered through the Commission that meets the standards stated in this section. Potential homebuyers must each have their own individual Completion Certificate before reservation of funds for Commission Programs. No Exceptions.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
WaHFC Home Advantage Downpayment Assistance
Best For: First Time Homebuyers, Low Down Payments, Zero Down
Home Advantage $0 Down DPA
CalHFA MyHome Assistance Program
Best For: First Time Homebuyers, Zero Down
The CalHFA MyHome Assistance Program provides up to 3% in down payment assistance in the form of a deferred payment mortgage.
Related Resources
Understanding Today's Mortgage Market: A Breakdown for Home Buyers
Early Closure in the Bond Market: Insightful Review on July 3, 2023 The bond market started the week with an early closure on July 3rd, 2023. This Monday offered a brief trading window for bond market participants before wrapping up for the day. The U.S. bond market, along with the Nasdaq and New York Stock Exchange, observed an early closure due to the upcoming Independence Day holiday12.
Read More
Major Shifts in Mortgage Costs
The article provides an overview of the recent changes in mortgage fees, specifically Loan Level Price Adjustments (LLPAs), imposed by Fannie Mae and Freddie Mac in the United States. It explains how these changes affect borrowers based on credit score, debt-to-income ratio, and other loan features. The article also outlines the timeline for implementation, discusses the introduction of new charges, and highlights key changes, such as credit score bands and fees for "cash-out" loans. The piece concludes by directing readers to the official source of the changes.
Read More
All About Different Mortgage Terms
Buying a home is an exciting opportunity to create financial stability and have a place you can make your own. But if you've started to look at a mortgage, you may be bewildered by the dizzying amount of terms. In fact, getting a mortgage can sometimes feel like you are learning a new language! But don't worry — this handy guide to the most common mortgage guide is here to save the day!
Read MoreVisit our Mortgage Education Center for more resources.
* Veterans is a DPA of $10,000 2nd mortgage @ 3.00% interest, deferred payments, for veterans. Must be FTHB or buying in a targeted area.
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch