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

May 2, 2017
Updates to Downpayment Assistance Programs – Effective Immediately

The following change to the House Key Veteran’s DPA:

The payment term of the loan will change from amortizing payments to deferred payments for 30 years. Repayment is due at time of sale, transfer, refinance, early payoff of 1st mortgage or 30 years, whichever occurs first.

The Needs Assessment technical change below is applicable to the Home Advantage 1% Needs Based DPA, HomeChoice DPA, Seattle DPA, ARCH East King County DPA, Bellingham DPA, Tacoma DPA, Pierce County DPA, House Key Veterans DPA and Opportunity DPA:

The borrower(s) may keep, but are not required to have up to 6 months PITI (including the projected payment on the downpayment assistance loan if applicable) or $10,000 (whichever is greater) in liquid checking and savings account after loan closing.

Income Limit Changes for the Following Down Payment Assistance Programs:

Home Advantage DPA -1% Needs Based

Home Choice

House Key Veterans

Opportunity

Bellingham DPA new purchase price limit is $299,250. Also, the On-line Homebuyer Education Class: https://www.ehomeamerica.org/wshfc is now acceptable.

Updated income and purchase limits can be found in each of the individual manuals on our website.

Note: The updated HomeChoice Downpayment Determination Income Charts Adjusted by Family Size will be forthcoming in the next couple of weeks.

                          

 
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