Another cloudy day this Wednesday, August 08, 2012 in Bellingham, WA. On the way home last night, we had quite the thunder and lightning storm. Strike lightning right in front of us! It looks like the sunshine may break through our clouds and offer a simply stunning day.
Washington State offers a new program to help low to moderate income home buyers to purchase a new home. The Home Advantage Loan Program is offered to those whose household pretax income does not exceed $97,000 (income limits differ for some mortgage types).
In brief, the Home Advantage First Mortgage Program is offered to qualified homebuyers who meet the program income limit and attend a free Commission-sponsored homebuyer education seminar. You do not have to be a first-time homebuyer to take advantage of this program. FHA, Conventional (Fannie Mae), Rural Housing Services and VA are loan types used for this loan program.
Really interesting is the Second Mortgage Loan for Downpayment Assistance. It is only available for those who use the Commissionís first mortgage loan program and is to be used for downpayment and closing costs. It funds up to 4% of the first mortgage loan amount and will be deferred (no payments) for 30 years at zero percent interest. It is payable in 30 years or at time of sale, refinance or transfer. Please check the site below for more information or to download their brochure.