Housing Academy

*This is not an advertisement for credit as defined in Regulation Z; contact a WSHFC Participating Lender for Annual Percentage Rate ("APR"). **Further fees may apply. Contact your participating loan officer for more information. Interest rate buy-downs are prohibited.

1. Your first step is to attend a free Homebuyer Educational Seminar.  Washington Housing Association educates first-time homebuyers and even sophisticated buyers on the advantages and pitfalls of homeownership.  No sales tactics are allowed, so leave your wallet at home!  At the end of the class students receive a certificate that will be valid for two years.  This class is a requirement for the Home Advantage Loan Program and other Downpayment Assistance programs. 


2. After the Homebuyer Educational course, a Commission trained loan officer will coordinate your pre-approval. How much you will qualify for will be answered. It is important that your loan officer understands your personal circumstances so they can help you and your family find the correct loan program.


3. At this point you should have a loan approval or specific instructions to obtain a loan approval. Having a pre-approval is like carrying around a briefcase full of money, so be careful! Shopping for a home isn't easy. The key principals 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.

How to Apply:

*Borrower's income must not exceed the Maximum Annual Income Limit: Statewide $97,000.  Funds for the Home Advantage program are continuously available and are subject to market rates and conditions.  A Washington State Housing Finance Commission trained loan officer can determine your qualifications.  If you have questions regarding the Home Advantage Program contact us at 425-390-INFO or email us at: askus@washingtonhousingassociation.org  

Interest rates can change daily.  Further fees may apply. Interest rate buy-downs are prohibited.

The Home Advantage Program is a new brilliant program offered to only the residents of Washington State.  Many of our class attendees have used the Home Advantage Program to lower their monthly mortgage payments. 


Interests Rate: 

Origination Fee:  

Points*  

Effective as of:  
FHA and VA Loans:


3.875% 30-year fixed
1%
0
05/11/16
4.125% 30-year fixed0%005/11/16

ENERGY SPARK:

3.625%

1%005/11/16

USDA Rural Development

Loans     





3.875% 30-year fixed

1%005/11/16
4.125%0%005/11/16

ENERGY SPARK:

3.625%

1%005/11/16

Conventional HFA Preferred

Loans             




4.375% 30-year fixed1%005/11/16
4.625% 30-year fixed0%005/11/16

ENERGY SPARK:

4.125%

1%005/11/16

Conventional Standard FNMA Loans                                       




4.375% 30-year fixed1%005/11/16
4.625%0%005/11/16

ENERGY SPARK:

4.125%

1%005/11/16
Conventional HFA Preferred with no WSHFC DPA


3.500%1%005/11/16
3.750%0%005/11/16

ENERGY SPARK:

3.250%


1%005/11/16


Home Advantage First Mortgage Loan Program

Standard Loan Choices.

  • Conventional: Conventional financing is what we like to call a "cookie-cutter" loan option.  If you have good credit and you have a sizable downpayment, then this could be your best option. Conventional financing typically has the best interests rates, and there are a number of loan programs for them.  Conventional financing can be combined with the Downpayment Assistance Loan Programs. 


  • FHA: FHA stands for Federal Housing Administration. FHA programs and guidelines tend to be the most flexible.  FHA is designed for those that have challenges or limited credit history, and these loans are popular for first-time homebuyers.  A low downpayment is required; the downpayment can be gifted by a family member, non-profit, or the borrower can take advantage of a DPA program. 


  • ​VA: A mortgage program established by the United States Department of Veterans.  VA loans are designed to help veterans and their families obtain homeownership. VA loans have lower interest rates and closing costs. The majority of veterans that attend our homebuyer class choose a VA mortgage.  You may not have to make a downpayment and private mortgage insurance is not required. 


Washington Housing Association's homebuyer seminar will guide you through the world of financing.  In our class we discuss the pros and cons of obtaining specific mortgage types, budgeting for your home, good faith estimates, and the documentation that is required by underwriters.

      Where can I go to get a home              loan?


  • Banks: You can walk into any bank and apply for a home mortgage. Banks have many loan products.  However, they are specific to each bank.  Banks compete with other banking institutions.  This is why it is important to research who has the best program(s) before you commit. Remember - you are shopping loan programs, not just who has the best interest rate.  


  • Credit Unions: Credit unions are typically not the best choice for home mortgage programs.  We have come across a few that offer reasonable programs to borrowers.  However, credit unions scrutinize a borrower more closely than a bank or other lending institutions do.  A credit union must consider their stockholders.  We have found that credit unions are really good for smaller loans such as cars, boats or RV's. In addition, most credit unions require the borrower to open a savings account.


  • Mortgage Brokers:  Prior to the 2007 real estate market crash, the mortgage brokers used to do the majority of all loans.  Banking institutions and Credit Unions used to solicit Mortgage Brokers.  This meant that the mortgage brokers used to have a huge product selection for the borrower. We find that Banks are typically a safer bet for most borrowers at this time. However, mortgage brokers are slowly regaining market share and are becoming more competitive. 

Home Mortgage Programs

This is your time to find out what you, personally, can afford.  Choosing the mortgage loan program that best fits your goals and lifestyle isn't easy.  Once you choose a loan program there are necessary lending guidelines such as pre-approval requirements, loan applications, documentation, and a review of your credit history.  There are many other compensating factors as well.  This is why Washington Housing Association has put together a class for those that want to know all about their financing options.  In our homebuyer seminar we discuss the benefits and disadvantages of specific loan programs.  We discuss real-life scenarios and prepare you for all the documentation you will need to become truly pre-approved.  At the end of our course you will receive a Washington State Housing Finance Commission certificate that will open doors to outstanding first-mortgage loan options and downpayment assistance programs.


Washington Housing Association teaches the basics of financing a home and prepares you to take that first-step towards homeownership! 

A brief overview of
home financing.