What is the Washington Home Advantage Program?
The Washington Home Advantage Program offers low-interest fixed-rate mortgages and down payment assistance to help eligible homebuyers afford the costs of homeownership.
Who qualifies for the Home Advantage Program?
Eligibility is based on income limits, credit score requirements, and purchasing a home as a primary residence. Both first-time and repeat homebuyers may qualify.
Do I need to be a first-time homebuyer to qualify?
No, the program is available to both first-time and repeat homebuyers, as long as they meet income and property eligibility criteria.
What is the minimum credit score required for the program?
Applicants typically need a credit score of at least 620 to qualify. A higher score may improve eligibility and access to better loan terms.
How much down payment assistance is available?
The program offers up to 4% of the loan amount as down payment and closing cost assistance, which can help reduce upfront expenses.
Are there income limits for the Home Advantage Program?
Yes, income limits vary based on household size and county, ensuring the program supports low-to-moderate-income households.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowWhat is the maximum purchase price allowed?
As of 2025, the maximum purchase price varies by location but generally ranges from $400,000 to $600,000, depending on program guidelines.
Does the down payment assistance need to be repaid?
No, the down payment assistance is provided as a deferred second mortgage with no interest or payments. It is forgiven after a set period, as long as the home remains the buyer’s primary residence.
Is homebuyer education required for the program?
Yes, completing a homebuyer education course is mandatory to help buyers understand the financial and practical responsibilities of owning a home.
Can the Home Advantage Program help with closing costs?
Yes, the down payment assistance can be used to cover eligible closing costs as well as the down payment, reducing the financial burden for buyers.
Are there location restrictions for properties?
Yes, the property must be located within Washington State and meet the program’s eligibility criteria for type and purchase price limits.
Can the program be used for newly constructed homes?
Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.
Are there debt-to-income (DTI) ratio requirements?
The maximum allowable DTI ratio is typically 45%, though exceptions may apply for applicants with strong credit or other compensating factors.
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Get Started NowCan the Home Advantage Program be combined with other assistance programs?
Yes, the program can often be paired with other state or local homebuyer assistance programs to maximize financial benefits.
What are the benefits of the Home Advantage Program?
The program offers low-interest mortgage rates, financial assistance for upfront costs, and homebuyer education, making homeownership more accessible and affordable.
Can this program be used with FHA, VA, or USDA loans?
Yes, the Home Advantage Program can be combined with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.
How does the deferred second mortgage for down payment assistance work?
The deferred second mortgage provides assistance without monthly payments. Repayment is only required if the home is sold, refinanced, or no longer used as the primary residence within the set timeframe.
What is the application process for the Home Advantage Program?
Applicants must work with an approved lender who will verify eligibility, guide them through the application process, and help secure the loan and any available assistance.
Is there a fee to participate in the Home Advantage Program?
No additional fees are charged for accessing the program’s benefits, but buyers should review all standard closing costs with their lender.