How much Down Payment Assistance can I get with Home Advantage? This depends on the price of the home and lending guidelines. Home Advantage provides down payment assistance up to 4% of your loan amount. So if your loan amount was $200,000, you would potentially be eligible for $8,000 in down payment assistance!
Do I have to pay the Down Payment Assistance back? The money would have to be paid back eventually, but there is NO monthly payment and ZERO interest! You would repay the down payment assistance when you either sell the home, rent it out, or pay off your 30 year mortgage.
What loan programs can be used with Home Advantage? Almost any loan program can be paired with this down payment assistance program, including Conventional, FHA, USDA, and even VA loans.
Is Home Advantage any different than other Down Payment Assistance programs? Yes. The rates are much better than other programs that have been offered by Washington State in the past. Also, for this down payment assistance program you DO NOT have to be a first time home buyer AND it can be paired with the MCC program! This is unprecedented as in the past most programs have only been available to first time home buyers and could not be paired with the MCC.
Is Home Advantage right for everyone? Everybody’s personal situation is different. To find out more about Home Advantage guidelines, as well as other down payment assistance programs offered by the state, go to our Calendar/Reservations page and sign up for one of our FREE First Time Home Buyer workshops. Don’t make the biggest decision of your life without getting educated first!!!