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PAre leasehold properties allowed with DPA?
Leasehold properties are acceptable with the exception of Manufactured Homes. Please follow agency underwriting guidelines.
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PAre manufactured homes allowed for use with DPA?
Yes. Double-wide or larger manufactured homes are eligible for FHA and USDA loans. For manufactured homes using Fannie Mae HFA Preferred or Fannie Mae MH Advantage, please follow FNMA guidelines. Manufactured homes are not permitted under the Freddie Mac HFA Advantage program. Please see the Commission Manufactured Home Matrix.
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PAre state funds used for the Home Advantage loan program?
No. The Home Advantage loan program uses no taxpayer dollars.
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PCan I buy investment properties with your programs?
No. All homes purchased under our program must be owner occupied as your primary residence.
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PCan the borrower own another home and still use DPA?
The Home Advantage DPA program allows a borrower to own another home at time of closing per agency guidelines as long as: 1) it was not financed through the Commission, and 2) the borrower intends to occupy the new home. The House Key Opportunity program, however, requires the borrower to be a first-time homebuyer.
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PCan we use an inspection from a previous buyer in lieu of getting a new inspection?
If completed within the last six months, an inspection report given to the buyer from the seller or a previous buyer may be acceptable in lieu of a new inspection. The buyer must submit a written request to waive a new inspection along with a copy of the report. The buyer must state in the request that they reviewed the report, are satisfied with the condition of the property per the report, and hold the Commission harmless.
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PCan you help my borrower get their EhomeAmerica Certificate?
Yes—if a borrower has misplaced their eHomeAmerica certificate, please email homedocs@wshfc.org for assistance.
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PDo I have to be a first-time homebuyer to use these programs?
Not all of them! For Home Advantage, you do not need to be a first-time homebuyer. Home Advantage also allows repeat homebuyers (restrictions apply). But House Key Opportunity and some downpayment assistance programs are for first-time homebuyers only.
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PDo I need to be a first-time homebuyer?
The House Key Opportunity program requires all borrowers to be first time buyers unless you are purchasing in a target area or are a Veteran with an honorable discharge. A first-time buyer is defined as someone who has not owned AND occupied a home as their primary residence in the last three years.
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PDo non-occupant co-borrowers need to attend homebuyer education?
Yes. All buyers who are on the Note and Deed of Trust, whether occupants or not, non-occupant co-borrowers, as well as occupant buyers, must complete a Commission-sponsored Homebuyer Education class prior to loan reservation.
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PDo Targeted Areas apply?
No. You can purchase a home statewide under the Home Advantage program.
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PDo you allow accessory dwelling units (ADUs)?
ADUs are acceptable as long as the property is zoned and appraised as a one-unit property with an ADU. Under the House Key Opportunity program, a buyer may not rent out any portion of the home or ADU.
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PDo you allow DACA borrowers?
The Commission accepts DACA-status borrowers on the Home Advantage and House Key Opportunity FHA, VA, and Fannie Mae HFA Preferred products. DACA status borrowers are not eligible for Freddie Mac HFA Advantage loans and USDA.
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PDo you allow non-occupant co-borrowers?
Home Advantage allows non-occupant co-borrowers if allowed per agency guidelines, but House Key Opportunity requires all borrowers to occupy the subject property.
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PDo you allow Power of Attorneys (POAs)?
Yes, we allow POAs. Follow agency guidelines and documentation requirements.
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PDo you have overlays regarding LTV/CLTV limits?
The Commission does not have overlays. Please follow investor guidelines.
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PDoes all my training have to happen in one day?
No. Your lender training is broken up into a morning class and an afternoon class. They can be done on different dates.
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PDoes the Commission allow borrowers who are employed in the marijuana industry?
Yes, marijuana industry employment is acceptable for Fannie Mae loans. Lender must follow all agency guidelines.
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PDoes the Commission allow single-unit condominium project approval for FHA loans?
Our House Key FHA program allows single-unit condo project approval, but not our Home Advantage FHA program. Lenders to follow agency guidelines.
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PDoes the Commission re-underwrite my loan?
No. We only underwrite loans for the Commission’s own program guidelines (not TRID compliance).
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PHelp! I forgot my password to Lender Online!
Email homedocs@wshfc.org or call 206-287-4400 and ask for the Homeownership Division.
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PHow can I get downpayment assistance?
Our downpayment assistance is only for homebuyers who use our home loan programs, either Home Advantage or House Key Opportunity. If your household income is under the program limits (up to $145,000), your credit score is at least 620, and you’re otherwise qualified for a home loan, you are probably eligible. Connect with a Commission-trained lender today, or find a free homebuyer education class near you!
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PHow can I tell if the home I want to buy is in a targeted area for Home Advantage?
Targeted areas do not apply to the Home Advantage program, only to House Key Opportunity. Learn more about income limits and targeted areas here.
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PHow can I tell if the home I want to buy is in a targeted area?
Target areas apply to our House Key Opportunity program (not Home Advantage). Just use the map on our Income Limits page: Enter the address of the home and the map will show whether it is in a targeted area. The page also shows House Key Opportunity income limits for each county.
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PHow do I attend training to teach homebuyer education classes?
Register for an upcoming class here.
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PHow do I find a lender to teach a homebuyer education classes with?
We can help you connect with a lender! Just contact our program manager at Corinna.Obar@wshfc.org.
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PHow do I find what conditions are outstanding?
To view loan status and conditions, login to Lender Online and use your reservation number to retrieve your reservation. From the Actions Menu select “View.” The following screen will provide current loan terms, status, outstanding conditions and the name of the Commission file reviewer.
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PHow do I get a copy of my MCC?
You may request either a digital copy or a certified printed copy of your MCC. Click here for instructions.
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PHow do I get a payoff statement for a 2nd mortgage?
The Commission cannot provide payoff statements. Contact the borrower’s first-mortgage loan servicer directly for a payoff statement for both the first and the second mortgage loan, as they service both. If you are still unable to receive a payoff from the servicer, please contact the Commission.
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PHow do I get featured on your website?
Just keep using our loans! Our website showcases the top 10 loan producers from the previous calendar year as our Premier Partners, including a photo, brief profile, and contact information. We also highlight the top five LO’s in each region by quarter with a minimum of two Commission loans closed and purchased in the previous quarter.
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PHow do I get marketing materials?
Marketing materials can be found here.
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PHow do I get my lending institution on board?
It’s easy to become a participating lender! Click here for information.
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PHow do I get started?
Your best first step is to take a free Homebuyer Education Seminar. The class is required to use our programs, and your certificate is valid for two years. Then connect with a Commission Trained Loan Officer to pre-qualify for a home loan and start looking for a home in your price range!
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PHow do I get trained to be a homebuyer education instructor?
That’s easy–just sign up for one of our regular trainings. The first part of the class explains our programs and how to use them, while the second part trains you to provide homebuyer education classes. Keep in mind, you will eventually need a partner to teach classes, as they are taught in tandem by both a lender and a real-estate professional. We can help you find a co-instructor, if you need one!
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PHow do I make changes to a lock/reservation?
Please submit a reservation change request form. Once a reservation has been completed, the lender cannot make additional changes in Lender Online.
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PHow do I qualify for this program? Will you be making the loan to me directly?
Participating Lenders qualify, process, and underwrite your loan. The Commission does not make the loan directly to you. Just connect with a Commission-trained loan officer to get started!
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PHow do I receive my homebuyer education materials?
Class certificates, evaluation and participant registration forms are emailed to you the evening that your class is approved.
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PHow do I register a homebuyer education class?
Visit [page] and follow the instructions to set up a homebuyer education class (after you have completed training and received approval). Just let us know if you need assistance. If you haven’t received approval yet, request it here.
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PHow do I reserve a loan?
Once you’ve completed your training and have your reservation codes, you’ll use our online reservation portal, Lender Online.
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PHow do I submit a loan?
Here is a link to a video that might assist you. We offer a no-cost quarterly web training for your back office staff (processors, closers). This will cover processing a Commission loan from start to finish. We’ll also review the navigation of the LenderOnline/Emphasys system. Find a class here.
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PHow long does your underwriting process take?
We strive for 24 – 48-hour turnaround times, depending on loan file volume. We review files Monday through Friday excluding holidays and weekends. Check our current turn times on Twitter – posted every morning between 9 and 10 a.m.
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PHow much downpayment assistance can I get?
It varies by program, but $10,000 is the average amount for a typical homebuyer.
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PHow much downpayment do I need?
You don’t need to save up 10% before you can think about homeownership. Our downpayment assistance can fill the gap with no-cost and low-cost loans.
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PI have a WSHFC downpayment assistance loan. What happens if I want to refinance my home?
If you refinance, per your executed note and our Home Advantage program manual, you will need to pay off the WSHFC downpayment assistance loan (the second mortgage). The Commission does not subordinate our loans to other loans. In order to request a DPA loan payoff, please contact the loan servicer of your main home mortgage (your first mortgage).
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PI’d like to attend a homebuyer education class. Where can I sign up?
Homebuyer education classes are always free and during the current pandemic, 100% virtual. Almost every day, a class is offered in your area or elsewhere in the state Find a free class on our Training/Education page.
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PIs downpayment assistance a loan that I pay back?
Yes. The interest rate is very low, from 0% to 4% depending on the program. It is wrapped into your main home mortgage, so you don’t have two bills to pay. Also, most of our downpayment loans are payment deferred—meaning no payment is due until the mortgage is paid off or until you sell, transfer, move out of or refinance the property.
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PIs training required to help a buyer or seller with your programs?
Realtors are not required to complete a training class in order to assist their clients. However, we recommend that Realtors do complete a training class to learn about all the ways our programs can help your clients. Also, if you wish to co-instruct homebuyer education classes, you will need to complete the training class.
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PMy logins are inactive. Can you help?
Is it possible that you changed companies and forgot to inform us? If so, please fill out this form and one of our staff will follow up with you. If not, please email homedocs@wshfc.org or call 206-287-4400 and ask for the Homeownership Division.
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PThe borrower currently lives in the property they are purchasing. Do they still need an inspection?
If your borrower has lived in the property they are purchasing for more than 12 months, they may write us a letter asking for a waiver. The letter should include an explanation of why they do not want an inspection and a statement that they are satisfied with the condition of the property and hold the Commission harmless.
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PWhat are the benefits of the Home Advantage program?
Home Advantage offers competitive rates as well as downpayment and closing-cost assistance, for a lower monthly mortgage payment
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PWhat are the interest rates?
See today’s rates on our Rates page!
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PWhat are the interest rates?
See today’s rates on our Rates page!
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PWhat is a Targeted Area?
Targeted areas are census tracts that meet federal guidelines as economically distressed. Under the House Key Opportunity program, if you purchase a home in a targeted area, some restrictions and limits are eased. See Washington’s targeted areas on the map here.
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PWhat is the Home Advantage Program?
Home Advantage is a loan program that offers downpayment assistance and competitive interest rates to families earning up to $145,000 a year. Your lender will qualify you on a typical 30-year mortgage loan using our interest rate. You can also get help with the downpayment and closing costs – up to 4% of the mortgage loan amount
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PWhat is the income limit for a House Key Opportunity loan?
House Key Opportunity income limits are set by county and household size, and also vary for those purchasing a home in a targeted area. Explore the income limits.
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PWhat is the income limit for the Home Advantage loan?
Household annual income must not exceed $145,000 (statewide).
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PWhat is your definition of first- time homebuyer?
We define a first-time homebuyer as someone who has not owned AND occupied a primary residence at any time in the past three years. If you purchase a home in a Targeted Area or are an honorably discharged Veteran, you do not have to be a first-time homebuyer.
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PWhat kind of property can I finance with this program?
You can use our home loans to purchase a one-unit single family home, town home, condominium, or a manufactured home.
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PWhat’s the difference between Home Advantage and House Key Loans?
Home Advantage is our most flexible program, with one income limit statewide. House Key Opportunity offers more help to households with lower incomes. Both programs offer multiple options for downpayment assistance. Find out more and compare here.
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PWhen can my loan officer lock my rate?
Your loan officer can lock your rate after all borrowers have taken a Commission-sponsored homebuyer education seminar and have a fully executed purchase and sale agreement. Be sure to take the homebuyer seminar BEFORE the lender makes a reservation of funds – or the reservation will be considered invalid and will be subject to worst-case pricing. Please check with your lender regarding locking your loan, as each lending institution will have their own internal guidelines.
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PWhen will funds for Home Advantage become available?
Funds for the Home Advantage program are continuously available and are subject to market rates and conditions. If you have questions about the Home Advantage Program, please call us at 800.767.4663 or email info@heretohome.org or Corinna.Obar@wshfc.org.
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PWhere can I get a copy of my Note?
Please contact the servicer of the first mortgage loan to obtain a copy of the mortgage Note.
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PWhere do I find the “Legal Opinion Letter?”
Once your loan is approved to close, you can locate the Legal Opinion Letter in Lender Online. Itis the second page of the DPA Commitment Letter.
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PWho do I talk to regarding TRID or disclosure issues?
We have no overlays on this issue. Please check with your own lending institution’s compliance department.
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PWho must attend the HBED Seminar?
All parties who will be signing on both the Note and the Deed of Trust must attend the seminar. That means each person will need their own certificate of completion. Take a look at our Homebuyer Education classes.
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PWhy should my seller accept an offer from a borrower using the Commission’s programs when they can accept an offer without downpayment assistance?
Our funds are guaranteed. You wull not have to worry about the borrower spending their downpayment or having to source a borrower’s gift funds. We will be there when your borrower is ready to close.
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PYou have a lot of downpayment programs. How do I know which one is right for me?
Ask your lender—or, fill in this quick form with information about your location, household size and income. One of our Homeownership staff will reply with recommendations just for you.
