WaHFC Home Advantage Downpayment Assistance
Best For: First Time Homebuyers, Low Down Payments, Zero Down
Home Advantage $0 Down DPA
This loan program is not available in USA
Program Description
Home Advantage also offers downpayment assistance. This second mortgage loan program has a 0% interest rate, payment deferred for 30 years, and combines with the Home Advantage first mortgage loan program. Borrowers must meet the income limits for the Home Advantage Program first mortgage.
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WaHFC Home Advantage Downpayment Assistance
Min. Credit Score
620
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
Eligible households in all counties may qualify for a maximum loan amount of up to 3% or 4% of the total loan amount or up to 5% using our Home Advantage conventional or FHA loan. 2nd mortgage with 0% interest rate, with deferred payments 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
- $0 (Zero) Down Payment
- DPA is 2nd mortgage with No Payments
- Max 45% DTI
- Max Total Income of $180,000
Program Availability
WaHFC Home Advantage Downpayment Assistances are available in 1 state.
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“Subsidized rates on $0 down purchases. Eligible households in all counties may qualify for a maximum loan amount of up to 3% or 4% of the total loan amount or up to 5% using our Home Advantage conventional or FHA loan. 2nd mortgage with 0% interest rate, with deferred payments 30 years"
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
$180,000
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Up to 5% assistance toward down payment and/or closing costs
- Lower Credit Scores Allowed$
- $0 (Zero) Down Payment
Additional Conditions
- Max Total Income of $180,000
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 Veterans Downpayment Assistance
Best For: First Time Homebuyers, Low Down Payments, Zero Down
Veterans $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.
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* Home Advantage provides a 2nd mortgage with 0% interest rate, with deferred payments 30 years. Combines with the Home Advantage first mortgage loan.
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