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Washington State First Time Homebuyer Programs

Home Advantage Program

  • Overview: This program offers 30-year fixed-rate mortgage loans at competitive interest rates.

  • Down Payment Assistance: Up to 4% of the loan amount.

  • Eligibility: Must meet income and purchase price limits, which vary by county and household size.

  • Income Limits: Varies by county. For example, in King County, the limit is $160,000 for 1-2 person households and for 3+ person households.

House Key Opportunity Program

  • Overview: Provides below-market interest rate loans to first-time homebuyers.

  • Down Payment Assistance: Available through various down payment assistance programs.

  • Eligibility: Income limits and purchase price limits apply. First-time homebuyer status required.

  • Income Limits: For King County, the limit is $109,300 for 1-2 person households and $125,700 for 3+ person households.

Home Advantage Downpayment Assistance Program

  • Overview: Offers zero-interest, deferred-payment loans for down payment and closing costs.

  • Loan Amount: Up to 4% of the first mortgage loan amount.

  • Eligibility: Must be used in conjunction with the Home Advantage first mortgage loan.

Arizona First Time Homebuyer Programs

Home Plus Home Loan Program

  • Overview: Administered by the Arizona Industrial Development Authority, this program offers 30-year fixed-rate mortgages along with down payment assistance.

  • Down Payment Assistance: Provides up to 5% of the loan amount for down payment and closing costs.

  • Eligibility: Must meet income and purchase price limits. The program is available to first-time homebuyers, as well as repeat buyers in certain circumstances.

  • Income Limits: Vary by county. For example, Maricopa County has an income limit of $112,785.

Pima Tucson Homebuyers Solution Program

  • Overview: A collaboration between Pima County and the city of Tucson, offering 30-year fixed-rate mortgages with down payment assistance.

  • Down Payment Assistance: Up to 5% of the loan amount.

  • Eligibility: Income limits apply, and the program is available to first-time and repeat homebuyers.

  • Income Limits: Vary depending on household size and county.

Mortgage Credit Certificate (MCC) Program

  • Overview: Reduces federal income taxes for first-time homebuyers, effectively lowering the cost of homeownership.

  • Benefit: Provides a federal tax credit of up to 30% of mortgage interest paid annually, capped at $2,000 per year.

  • Eligibility: Income and purchase price limits apply, and homebuyers must use the home as their primary residence.

  • Income Limits: Vary by county and household size.

Florida First Time Homebuyer Programs

Florida Housing's Homebuyer Program

  • 30-Year Fixed-Rate Mortgages: Provides stable mortgage payments throughout the loan term.

  • Down Payment Assistance: Eligible borrowers can receive assistance with down payments and closing costs through second mortgage programs.

  • Requirements: Minimum credit score of 640, completion of an approved homebuyer education course, and income and purchase price limits based on the county of purchase​ (Florida Housing Finance Corporation)​​ (LendingTree)​.

Hometown Heroes Program

  • Eligibility: Aimed at frontline workers such as teachers, police officers, firefighters, and active military or veterans.

  • Benefits: Below-market interest rates on various types of mortgages, reduced fees, and up to $35,000 for down payment and closing costs as a deferred second mortgage.

  • Requirements: Credit score of at least 640, income and purchase price limits based on household size and county​ (LendingTree)​.

Deferred Second Mortgages

  • Structure: These "soft second" mortgages typically do not require monthly payments unless you sell or refinance your home.

  • Forgiveness Terms: Some of these loans are forgivable if certain conditions, such as residing in the home for a specific period, are met

General Requirements for Florida First-Time Homebuyer Programs

  • First-Time Homebuyer Definition: Must meet the IRS definition, meaning not having owned and occupied a primary residence in the past three years.

  • Homebuyer Education: Completion of an approved homebuyer education course is mandatory.

  • Credit Score and Income Limits: Generally, a minimum credit score of 640 is required, along with meeting income and purchase price limits that vary by county

Chenoa Fund

Chenoa Fund Rate Advantage Program

  • Income Limit:

    • 135% of the Area Median Income (AMI) for the county where the property is located.

  • Credit Score:

    • Minimum FICO score of 640.

  • Debt-to-Income Ratio (DTI):

    • Maximum of 50%.

  • Benefits:

    • Competitive Interest Rate: This program allows borrowers to lock in a competitive interest rate on their primary mortgage.

    • Down Payment Assistance: Provides a 3.5% down payment assistance loan, which can cover the entire minimum down payment required for an FHA loan.

    • Predictable Monthly Payments: The down payment assistance loan has a 10-year term with an interest rate of 8%, which helps borrowers plan their monthly expenses.

Chenoa Fund DPA Edge Program (Soft Second Mortgage)

  • Income Limit:

    • 115% of the Area Median Income (AMI) for the county where the property is located.

  • Credit Score:

    • Minimum FICO score of 620.

  • Debt-to-Income Ratio (DTI):

    • Maximum of 45% (can be higher with better credit scores).

  • Benefits:

    • Forgivable Loan: The second mortgage is interest-free and does not require monthly payments. It is forgiven after 36 months if the borrower makes on-time payments on the primary mortgage.

    • Flexible Terms: If a borrower misses a payment, the 36-month period resets, giving them another chance to qualify for loan forgiveness.

    • Accessibility for Lower Income Borrowers: This program is ideal for borrowers with lower incomes who need more flexibility in repayment terms.

Chenoa Fund Edge Repayable Second Product

  • Income Limit:

    • No income restrictions.

  • Credit Score:

    • Minimum FICO score of 620.

  • Debt-to-Income Ratio (DTI):

    • Maximum of 45% (can be higher with better credit scores).

  • Loan Terms:

    • Options include a 10-year term at 0% interest or a 30-year term at 5% interest.

  • Benefits:

    • Flexible Repayment Options: Borrowers can choose between a 10-year term with no interest or a 30-year term with a low interest rate, providing flexibility based on their financial situation.

    • No Income Restrictions: This program is accessible to borrowers of all income levels, making it widely available.

Chenoa Fund

  • General Availability

  • First-Time and Repeat Homebuyers: The program is not restricted to first-time homebuyers. Repeat homebuyers can also qualify.

  • Loan Types: The Chenoa Fund primarily supports FHA loans. Assistance for conventional loans is currently on hold.

  • Primary Residence: The property being purchased must be the borrower’s primary residence.

  • Eligibility Requirements

  • Credit Score:

  • Minimum FICO score requirement varies by program but typically starts at 620.

  • Borrowers with lower credit scores may need to complete a homebuyer education course.

  • Income Limits:For some programs, the borrower’s income must be below a certain percentage of the Area Median Income (AMI). For example:

  • Chenoa Fund Rate Advantage Program: 135% of the AMI.

  • Chenoa Fund DPA Edge Program: 115% of the AMI.

  • The Chenoa Fund Edge Repayable Second Product does not have income restrictions, making it accessible to borrowers of all income levels.

  • Debt-to-Income Ratio (DTI):

  • Borrowers must meet certain DTI requirements, typically a maximum of 45% to 50%, depending on the program and credit score.

  • Special Considerations

  • Homebuyer Education: Borrowers with lower credit scores may be required to complete a homebuyer education course to ensure they are prepared for homeownership responsibilities.

  • Flexible Repayment Options: The Chenoa Fund offers various repayment options for the assistance provided, including forgivable and repayable second mortgages.

  • Accessibility

  • No Geographical Restrictions: The program is available nationwide, although it is not currently offered in New York.

  • Combination with Other Programs: The Chenoa Fund can be combined with other gift funds or down payment assistance programs to increase the total assistance available to the homebuyer.

  • The Chenoa Fund is designed to be flexible and accessible to a wide range of borrowers, aiming to make homeownership more attainable. For more detailed information and to check specific eligibility, you can visit the Chenoa Fund official website​ (Chenoa Fund)​ .

Vinly Phet

at City First Mortgage Services (NMLS #3117)

​

NMLS #2584908

​

        : 253-334-4185

        :  vinly.phet@city1st.com

​

Serving customers in WA and AZ

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