Downpayment assistance is a great way to get into homeownership with little to no money out of pocket, and it’s no longer just for first-time buyers.
To qualify, it’s easier than you might think and they’ve made some really cool changes.
The common misconception is that you need to have perfect credit for approval and in reality, your credit score only needs to be 620 or better. If you’re not there yet, that’s okay because we can probably work on it.
The big change that they’ve made here in Washington State is that they’ve adapted the program to keep up with increased home values and raised the qualifying income limit. So, if you couldn’t qualify in previous years because you made too much money, now is the perfect time to look into this again.
At this time, qualified buyers can receive up to (approx) $30,000 in downpayment assistance as long as their income doesn’t exceed $145,000. The max purchase price on the home can now be up to (approx) $726,000.
Now, it’s important to note that this isn’t free money and it’s a silent second mortgage. Meaning, you’ll make zero payments, and there’s no interest for 30 years. Most people will likely sell or refinance decades before that second mortgage is called due.
In conclusion, if you know that home ownership is right for you, it’s worth picking up the phone. It won’t cost you anything but time to talk directly with me or someone on my team.