Home Advantage Loan Program
The Home Advantage loan program is available to qualified Washington State residents and is offered by the Washington State Housing Finance Commission (WSHFC). This program helps qualified low- to moderate-income home buyers purchase a home at below market interest rates.
Eligible households may also qualify for down payment assistance of a maximum loan amount of up to 4% of the first mortgage loan amount in the form of a deferred second mortgage at 0% interest and no monthly payment. You are not required to be a first-time home buyer to utilize Home Advantage, however some down payment assistance programs may only be available to first-time home buyers.
How to Qualify for Home Advantage
- This loan program is available for qualifying residents in the state of Washington.
- Annual household income must not exceed $145,000*.
- 620 middle credit score is required for each borrower.
- Participants must attend a free Home Buyer Education Seminar and receive a certificate of completion valid for two years.
Summit Mortgage Corporation is a Home Advantage participating lender in the state of Washington. Contact our VANCOUVER or SPOKANE office to get in touch with one of our Commission-trained mortgage bankers and find out if you qualify for this program.
*Income limits may differ between mortgage types and other Commission down payment assistance programs. Contact us to learn more about income limits.