Home Advantage Rebound is Downpayment Assistance at its best! This is a secondary loan program at a 0% interest rate. The loan term is 30-years and combines only with the Home Advantage first mortgage loan program.
Borrowers must not exceed the Maximum Annual Income Limit of $97,00. All borrowers must attend a Commissioned-sponsored homebuyer educational seminar. Eligible households may qualify for a loan amount of up to $10,000. Cash-back to the borrower is not allowed.
The home being purchased must meet one of the following criteria:
1. Bank Owned (Real Estate Owned) Property
2. Foreclosed Property
3. Short Sale Property
A participating lending institution can help you determine your pre-approval amount, how much you will need at closing, and how much you qualify for with the Home Advantage Loan program.
Seller are allowed to contribute up to 6% of borrowers closing costs. For additional information on Home Advantage Rebound or any other downpayment assistance option e-mail us or call 425-390-INFO.
Home Advantage Rebound Loan Program is an outstanding downpayment option for those that are purchasing a bank owned, foreclosed or short sale properties The chances of a borrower finding a distressed property in our current market are higher now than ever! This program is funded in partnership with the Washington State Attorney General's office as a result of the Consumer Foreclosure Remedies Fund Grant. Washington Housing Association will teach you how just how short sales properties operate in todays market. We discuss foreclosures and banked-owned, also known as Real Estate Owned (REO) properties as well. It is crucial that you get this information before you make an offer on a home.
1. Your first step is to attend a free homebuyer class. Washington Housing Association will educate you on the process of purchasing a home in the state of Washington. No solicitation is allowed in the classroom. Your information is not sold or distributed. At the end of your class you will receive a certificate that is valid for two years and is a requirement of the Home Advantage Rebound Program.
2. After the homebuyer educational course, a trained Home Advantage Rebound loan officer will coordinate your pre-approval. All your loan options will be presented at this time. How much you qualify for will be answered. E-mail us if you have any questions regarding our recommended loan officers.
3. At this point you should either have a pre-approval or at least instructions on what you need to do in order to obtain one. The key principles that you learned in the homebuyer seminar now start to pay off! Your real estate professional and loan officer will coordinate the process of locating, financing and closing on your new home.
Check back often for updates to the Home Advantage Rebound program:
At Washington Housing Association, we harness the power of free education in new, innovative ways. Combining the newest market research with proven teaching methodology, we're inspiring students to take control of their homeownership experience. Washington Housing Association provides a huge stepping stone for our students to reach the future they envision. When it comes to educating the public on the acquisition of real property we are straight-to-the-point, and provide knowledge that you can use.
Homeownership begins with a first step. You can take this first step today or whenever you're ready with our new "Education For Home Buyers" program. Don't let calendars get in the way of your journey. We offer multiple classes each month for your convenience. All of our classes fulfill the requirements of the State; after completing the homebuyer seminar you will receive a certificate that can be used (for two years) with any Washington State Housing Commission loan program that you qualify for.
"This type of education is mind-blowing! The information presented gave me so much confidence!"
- JOANNE K. REILLY
"Washington Housing Association's class informed me of all of the opportunities and information I needed to finally become a homeowner."
- GEORGE O'BRIEN
"The sense of accomplishment I felt after completing this course was amazing!"
- TIM DOYLE
Washington Housing Association
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