Financial Support for Homebuyers with HomeChoice Down Payment Program
HomeChoice is an innovative down payment assistance program developed by the Washington Housing and Finance Commission. It is specifically designed to support qualified, first-time homebuyers who either have a disability or are living with a family member with a disability, helping them manage the initial costs associated with obtaining a mortgage.
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Details of Available Assistance
The HomeChoice Program extends a helping hand by offering a payment-deferred, second mortgage to eligible applicants. This loan features a minimal 1 percent interest rate and can provide up to $15,000, which can be used towards the down payment and closing costs. Notably, payments on this loan are deferred for 30 years or until the home is sold or refinanced. The HomeChoice program is intended to be used alongside the House Key and Home Advantage first mortgage loan programs, offering a comprehensive financial solution for homebuyers.
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Eligibility Requirements
To be eligible for the HomeChoice program, applicants must either have a disability or have a family member with a disability residing with them. The program is primarily aimed at first-time homebuyers, although this requirement is waived for those purchasing homes in designated Target Areas. Additionally, it is compulsory for all borrowers to attend and complete a free Homebuyer Education Seminar, which must be referred by a HomeChoice Lender.
Income Limits
The program has set specific income limits based on the county:
- King/Snohomish: $96,000
- Island: $77,300
- Kitsap: $77,100
- All Other Counties: $76,500
It is important to note that these figures were accurate at the time of publication and may have changed. Prospective applicants should consult the program’s website for the most up-to-date information.
The primary goal of the HomeChoice program is to provide financial assistance to those who are eager to purchase a home but are hindered by the substantial upfront costs. These costs, which include the down payment, closing costs, and prepaid items, can be a significant barrier to transitioning from renting to owning a home.
Following the elimination of seller-funded down payment programs in the Housing and Economic Recovery Act of 2008, state and local government agencies have continued to support homebuyers through second mortgages and grants. These agencies have established various requirements that borrowers must meet to qualify for these grant programs, such as specific property locations, purchase price limits, and income thresholds. The HomeChoice program is a part of these ongoing efforts, providing crucial support to those who need it most in their journey towards homeownership.
