• Home
  • Military Discounts
    • Military & Veteran Discount List
    • Local Military and Veterans Discounts
    • Apple Military Discount
    • Amazon Prime Discounts
    • Veteran & Military Cell Phone Discounts
    • Gym and Health Club Discounts
  • Benefits
    • 10 Veterans Benefits You May Not Know About
    • Five Top Military Spouse Benefits
    • Medal of Honor: Benefits, History and Facts
    • Purple Heart Benefits
    • Veterans Health A to Z
  • Housing & Home Ownership
    • VA Loan Calculator
    • VA Loan Limits by County
    • VA Home Loan Guide
    • 5 Benefits of a VA Loan
    • 2022 BAH Rates
    • BAH Calculator
  • Money & Finance
    • 2022 Military Pay Charts
    • 2022 Defense Budget
    • 2022 Military Pay
    • COLA Watch 2022-2023
    • Military Pay Calculator
    • Military Pay Dates
    • VA Disability Rates
  • Jobs
    • Veteran Friendly Employers
    • Military Spouse Employment Preference
    • Veterans Employment and Training Service (VETS)
    • Security Clearance Jobs After the Military
  • Education
    • Veteran Friendly Colleges
    • Online Colleges with Military Discounts
    • Veteran Friendly Colleges Guide
    • Military Spouse Career Advancement Accounts (MyCAA)
    • Monthly Housing Allowance (MHA) for the GI Bill
    • Forever GI Bill
  • Resources
    • How to Get a Veterans ID Card
    • Veterans ID on Driver’s License or ID Card by State
    • Military ID Cards
    • Military Calendar
    • State Veteran’s Benefits
Zero Down Home Loan Eligibility

Home » Washington Home Loan Programs for Veterans

Washington Home Loan Programs for Veterans


The Washington State Housing Finance Commission (WSHFC) was created after being announced in 1983 before the Washington state legislature. This announcement was no small feat as there were four previous attempts to create such a commission since the 1970s.

Washington Home Loan Programs for VeteransThe new commission was designed to help qualified borrowers get below-market-rate home loans. Today it is described as a “publicly accountable, self-supporting team, dedicated to increasing housing access and affordability” for the citizens of Washington State.

The Washington Home Advantage Government Program

The WSHFC Home Advantage Program is offered to qualifying applicants who meet the program’s income restrictions and credit score requirements. The mortgages eligible under this program include most government-backed mortgage loan programs including VA mortgages. These home loans are 30-year loans that can include down payment assistance for up to four percent of the first mortgage loan amount.

Who Qualifies For Home Advantage

There are a variety of requirements for this program including FICO score and debt-to-income ratio guidelines. Applicants who have a total debt-to-income (DTI) ratio, “at 45.01%-50.00% with credit scores from 620-659” are not eligible to apply for loans under the Home Advantage Government program.

Applicants must attend a free Homebuyer Education Seminar and receive a certificate. Anyone signing the Deed of Trust associated with the transaction must attend this seminar.

From the date of the Education Seminar certificate, borrowers have up to two years to contact a participating lender and start the mortgage loan process. You can only use this loan program to purchase eligible properties which may include:

  • Single-unit owner-occupied homes
  • Townhomes
  • Condominiums
  • Manufactured housing

Those who apply for Home Advantage can also get down payment assistance help (see below) via the Home Advantage down payment assistance program. You do not have to be a first-time home buyer to use one program or both.


The WSHFC House Key Home Loan Program

The House Key home loan program is offered to those who qualify for the following home loan assistance programs offered via WSHFC:

  • Opportunity
  • HomeChoice Program
  • Seattle
  • ARCH East King Count
  • Tacoma
  • Pierce County
  • Veterans Down Payment Assistance
  • Bellingham

As you can see from the above, those who are eligible to apply for Veterans Down Payment assistance are offered access to the House Key home loan program, but there are also opportunities for those who want to purchase “never occupied new construction” or homes in a community land trust with or without the above downpayment assistance options.

The WSHFC official site provides few details about the terms of the loan you can apply for as a qualifying veteran, but in general you should know the following requirements:

  • Attendance of an an approved homebuyer education seminar (you must receive a certificate of completion)
  • Applicants must be either a first-time buyer (someone who has not owned a primary residence in the last three years) or a buyer purchasing in a targeted area
  • Applicants must meet income limits
  • Purchase price limits apply

Borrowers can apply for this loan using their VA mortgage benefits. All loans are serviced by participating lenders in the network.

The Washington Veterans Down Payment Assistance Loan Program

The Veterans Down Payment Assistance program is a downpayment assistance option offered as a second mortgage loan featuring a 3.00% interest rate (in FY 2020, these rates are subject to change and this number is listed as a reference only).

Qualifying veterans who apply for this program qualify for the second mortgage payments to be deferred for up to 30 years. This program can be used in conjunction with the Home Advantage or House Key program loans described above.

Who qualifies for this program?

  • Veterans with an honorable discharge
  • Veterans who were discharged for medical reasons
  • Guard and Reserve members with honorable discharges
  • “Never remarried” spouses and dependent children of veterans who have died

Applicants must either be first-time home buyers or be purchasing property in a designated targeted area. Income caps apply, and those caps are subject to change depending on the county the home is located in. Applicants cannot be approved before attending a home buyer seminar approved by the agency.



About The AuthorJoe Wallace is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News


Related Articles
State-Run Veteran Friendly Home Loan Programs State Veteran’s Benefits
Best VA Loan Lenders Best States with Veteran Benefits
VA Home Loan Guide Washington Veterans Benefits

Military + Veteran Discounts

Want 30+ Mil/Vet discounts to use today? Enter your email for updates and we'll send it!
Name(Required)

VA Home Loans

Popular Articles

2022 VA Disability Rates

2022 Military Pay

Military Pay Calculator

VA Loan Calculator

2022 BAH Rates

Search Veteran.com

VA Home Loan Eligibility

VUHL Zero Down Home Loan
Military Benefits Logo

Company

  • About
  • Contact Us
  • Add a Discount
  • Privacy Policy
  • Terms of Use
  • Disclosure
  • Unsubscribe

Quick Links

  • Home
  • Military Discounts
  • Benefits
  • Housing & Ownership
  • Money & Finance
  • Employment
  • Education
  • Resources

Connect With Us

  • facebook
  • instagram
  • pinterest
  • twitter
  • youtube
Copyright © 2022 Three Creeks Media, LLC

Veteran.com is a property of Three Creeks Media. Neither Veteran.com nor Three Creeks Media are associated with or endorsed by the U.S. Departments of Defense or Veterans Affairs. The content on Veteran.com is produced by Three Creeks Media, its partners, affiliates and contractors, any opinions or statements on Veteran.com should not be attributed to the Dept. of Veterans Affairs , the Dept. of Defense or any governmental entity. If you have questions about Veteran programs offered through or by the Dept. of Veterans Affairs, please visit their website at va.gov. The content offered on Veteran.com is for general informational purposes only and may not be relevant to any consumer’s specific situation, this content should not be construed as legal or financial advice. If you have questions of a specific nature consider consulting a financial professional, accountant or attorney to discuss. References to third-party products, rates and offers may change without notice.

Advertising Notice: Veteran.com and Three Creeks Media, its parent and affiliate companies, may receive compensation through advertising placements on Veteran.com; For any rankings or lists on this site, Veteran.com may receive compensation from the companies being ranked and this compensation may affect how, where and in what order products and companies appear in the rankings and lists. If a ranking or list has a company noted to be a “partner” the indicated company is a corporate affiliate of Veteran.com. No tables, rankings or lists are fully comprehensive and do not include all companies or available products.

Editorial Disclosure: Editorial content on Veteran.com may include opinions. Any opinions are those of the author alone, and not those of an advertiser to the site nor of Veteran.com.