New Loan Program Provides Downpayment Help: The Opportunity Assistance
The Washington State Housing Finance Commission is acutely aware of the challenges faced by many individuals who are caught in what is often referred to as the ‘renter’s trap’. While they can manage monthly mortgage payments, the hurdle of accumulating enough funds for a down payment on a home remains a significant barrier. To address this issue, the Commission has introduced the Opportunity Downpayment Assistance Loan Program.
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Overview of Available Assistance
This program offers a second mortgage loan with a minimal interest rate of 1 percent, and the payment is deferred for 30 years. The loan amount can reach up to $10,000, depending on the applicant’s financial need. Notably, Veterans are exempt from the need-assessment requirement to be eligible. The Opportunity Downpayment Assistance Loan Program is designed to work in conjunction with the Opportunity First mortgage loan program, providing a comprehensive financial solution for homebuyers.
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Eligibility Requirements
To qualify for the Opportunity Downpayment Assistance Loan Program, applicants must meet several criteria:
- They should be first-time homebuyers or purchasing a home in a targeted area.
- Eligibility also depends on qualifying for the Opportunity First Mortgage Loan program.
- Attendance at a commission-sponsored homebuyer education seminar is mandatory before reserving funds.
Income Limits
The program has set specific income limits based on the county and household size:
- King/Snohomish County:
- 1 or 2 person households: $57,600
- 3 or more person households: $72,000
- Clark/Thurston/Island/Pierce/Skamania County:
- 1 or 2 person households: $48,850
- 3 or more person households: $61,050
- Kitsap County:
- 1 or 2 person households: $49,400
- 3 or more person households: $61,700
- All Other Counties:
- 1 or 2 person households: $42,050
- 3 or more person households: $52,250
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 Opportunity Downpayment Assistance Loan Program is a vital initiative by the Washington State Housing Finance Commission, aimed at breaking down one of the major barriers to homeownership. By providing financial assistance and setting clear guidelines, the program is an invaluable resource for those aspiring to transition from renting to owning a home.
