WaHFC Home Advantage FHLMC HFA Advantage
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
Home Advantage $0 Down FHLMC DPA
Program Description
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 loan. This second mortgage loan program has a 0% interest rate, payment deferred for 30 years. Lower MI options for borrowers <= 80% of Area Median Income
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WaHFC Home Advantage FHLMC HFA Advantage
Min. Credit Score
620
Min. Down Payment
3%
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.
Pros & Cons
- Purchase a home with no money out of pocket
- Flexible credit requirement without price adjustments
- Manufactured Homes Allowed
- Maximum Household Income of $180,000
Program Availability
WaHFC Home Advantage FHLMC HFA Advantages are available in 1 state.
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“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%. Program has a 0% interest rate, payment deferred for 30 years. Lower MI options for borrowers <= 80% of Area Median Income"
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
$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
- $0 Down Payment
- Up to 5% assistance to pay down payment and/or closing costs
- Lower Credit Requirements (620 Score)
Additional Conditions
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: By the Commission
All Borrowers to be listed on the Note and Deed of Trust must attend a Homebuyer Education seminar that has been registered through the Commission and meets standards as set in the Homebuyer Education Section of this Program Manual. If a reservation of funds is made before the borrower(s) take a Commission sponsored homebuyer education course, the current reservation will be considered invalid and will be subject to worse case pricing. 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.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this Home Advantage Freddie program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
WaHFC Home Advantage Downpayment Assistance
|Home Advantage FreddieHome Advantage $0 Down DPA
Max. Loan Amount
No Limits
Min. Credit Score
620
Min. Down Payment:
3% 0%
WaHFC HomeChoice DPA Loan Program
|Home Advantage FreddieWAHFC HomeChoice DPA
Max. Loan Amount
No Limits
Min. Credit Score
620
Min. Down Payment:
3% 0%
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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Read MoreVisit our Mortgage Education Center for more resources.
* Maximum household income is $180,000
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