The Washington State Housing Finance Commission has just announced they are increasing the income limits on all of their Home Advantage Mortgage programs. The income limits are being increased effective immediately from $97,000 to $145,000!
Unlike a grant, the WSHFC down Payment Assistance loans are mortgages that do eventually have to be repaid. The mortgages typically have low to no interest rates with payments often deferred for 30 years or until you refinance or sell the home.
Since King, Snohomish and Pierce Counties are considered “high cost areas”, the higher income limits should help more people become home owners.
I am pleased to be able to offer WSHFC’s Home Advantage mortgage program. If you would like more information or are interested in buying or refinancing a home located anywhere in Washington state, where I’m licensed, please contact me!