The Washington State Housing Finance Commission announced recently that it has helped 50,000 families become homeowners during the 31-year history of the commission through its mortgage assistance and down-payment assistance programs.
The milestone number includes 8,800 low- to middle-income families in Spokane County that the commission has helped to buy homes through support in qualifying for mortgages and assistance with down payments, the commission says in a press release.
Home Advantage, the commission’s biggest homeownership assistance program, for example, helps families with annual income under $97,000 qualify for and obtain home loans.
Statewide, 48 banks, credit unions, and mortgage brokers participate in Home Advantage.
In the last fiscal quarter alone, the top five Home Advantage lenders in Spokane County have closed 42 home loans, the commission says.
The program includes a mandatory financial-education component that qualified borrowers attend as part of the mortgage process.
Participating loan officers help borrowers determine how much they can borrow through a Home Advantage loan and identify the price range borrowers likely can afford.
The down-payment assistance program provides an interest-free second loan of up to 4 percent of the total first mortgage amount, and the down-payment assistance loan is deferred for the 30-year life of the first mortgage, the commission says.
The commission is a self-supporting board that works with other agencies and organizations to improve access to affordable housing by encouraging private investment dollars.
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