WaHFC HomeChoice DPA Loan Program
Best For: First Time Homebuyers, Zero Down
WAHFC HomeChoice DPA
This loan program is not available in Spalding County, GA
Program Description
HomeChoice is a downpayment assistance, second mortgage loan program for qualified borrowers who have a disability or who have a family member with a disability living with them. Funds up to $15,000. HomeChoice combines with House Key and Home Advantage first mortgage loan programs. One-on-one counseling is required.
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WaHFC HomeChoice DPA Loan Program
Min. Credit Score
N/A
Min. Down Payment
No Limits
Max Loan Amount
-$1
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 -$1 in Assistance
Type: Deferred Payment Program - Repayable
The Program offers up to $15,000 per household in a 1.00% interest, payment deferred second mortgage. Second mortgages are due when home is sold, or if home is refinanced or after 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 USDA Loan Program
- WaHFC Home Advantage FHLMC HFA Advantage
- WaHFC Home Advantage VA Loan Program
- WaHFC Home Advantage FNMA HFA Preferred
- WaHFC Home Advantage FHA Loan Program
- WaHFC Home Key Opportunity VA Loan Program
- WaHFC Home Key Opportunity USDA Loan Program
Pros & Cons
- Low Rate
- Borrower must have a disability or who have a family member with a disability living with them.
Program Availability
WaHFC HomeChoice DPA Loan Programs are available in 1 state.
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“For qualified borrowers who have a disability or who have a family member with a disability living with them. Funds up to $15,000. 1% interest for FTHB."
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
No Limits
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.
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Key Features
- $0 Down Payment
- Lower Credit Scores Allowed
Additional Conditions
- HomeChoice is a downpayment assistance, second mortgage loan program for qualified borrowers who have a disability or who have a family member with a disability living with them. HomeChoice combines with House Key and Home Advantage first mortgage loan programs. One-on-one counseling is required.
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: Must complete through Commission
One-on-one counseling is required.
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% 0%
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.
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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.
Visit our Mortgage Education Center for more resources.
* For qualified borrowers who have a disability or who have a family member with a disability living with them. Funds up to $15,000.
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