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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

May 13, 2014
Closing Cost Grant Program

The Commission is pleased to announce a grant of up to $500 towards closing costs to home buyers who are purchasing in the State of Washington, using the Home Advantage or House Key Opportunity first mortgage loan program.

Eligible Properties
Home buyers must purchase a single family home, condominium, townhouse or manufactured home in the State of Washington.

Homebuyer Education
Borrowers must attend a Commission-sponsored Homebuyer Education seminar as required for the Home Advantage program.

How much can homebuyers receive?
Eligible households may qualify for up to $500 towards closing costs. Closing costs can include the home inspection, appraisal, credit report, energy audit, escrow and title fees.

Homebuyers must work with a Home Advantage participating lender that is also a member of the Federal Home Loan Bank of Seattle.

Reservations
Participating lenders will reserve the grant funds in the Mitas system at the same time as the reservation for the Home Advantage or House Key Opportunity.

Date of Availability
Reservations will be accepted for the Closing Cost Grant Program as of 05/07/2014.

Funding Availability
The total award is $20,000. Funds are subject to availability and reservations will be accepted on a first-come, first-served basis.

Lender Reimbursement
Lenders will fund the grant at closing. Our master servicer, ServiSolutions, will reimburse lenders at loan purchase. The Final HUD 1 Settlement Statement should have a separate line item indicating “Closing Cost Grant” and the amount of the grant.

         

 
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