Home Advantage

Home_AdvantageWho’s It For?

Washington state buyers who would like help with a down payment.  Not limited to first time home buyers.

How does it work?

Down payment assistance is available with a second mortgage. The first mortgage can be FHA, VA, or a conventional mortgage. With a 680 or higher credit score, the conventional mortgage offers reduced mortgage insurance premiums which makes this a very attractive option for home buyers shy on down payment who have been considering FHA.

The second mortgage has a maximum loan amount of 4% of the first mortgage loan amount and the payment is deferred for 30 years (or until the property is no longer owner occupied) at 0% percent interest. Should the home owner convert the property to an investment/rental or sell the home, the second mortgage may be called due.


  • Property must be owner-occupied,  primary residence
  • Only for homes in Washington State
  • You do not need to be a first-time   home buyer
  • Maximum debt-to-income ratio is 45% (exceptions up to 50% with specific compensating factors)
  • 620 is the minimum credit score
  • Home Buyers must attend a Home Buyer Education Seminar registered with the WSHFC
  • $97,000 income limit
  • Co-borrowers income may be removed if needed


WSHFC Homebuyer Education Seminars

HWSmallMortgage Master offers commission-sponsored education seminars for first time homebuyers. They are free and open to the public, include information about the Commission’s first mortgage programs, down payment assistance, and other loan programs; and are accepted by all affordable housing loan programs as meeting or exceeding educational requirements.

  • Seminars are at least five hours in length, covering all major aspects of the home buying process
  • Seminars are presented in an open, unbiased format
  • Seminars use approved training materials and handouts
  • Seminars are offered by professionals who have attended the Commission’s instructor training
  • No direct marketing or sales presentations may be given either by the instructor or any guest speakers



Seminar schedule