Washington Bond
When purchasing a home in Washington you may be eligible for support in funding your down payment.
What is a Washington Bond?
A Washington Bond or WA Bond for short. Is a down payment assistance program that we can provide homebuyers who have a lower combined income and qualify for either a VA loan, FHA loan or USDA loan through Fairway Independent Mortgage Corporation the opportunity to borrow the down payment for their home.
How do I know if I qualify for a WA Bond?
There are a few simple ways to know if you are qualify for a WA Bond. For starters your household income can be no greater than $145,000 with a credit score of at least 620, and you’re otherwise qualified for a home loan. If you fall within this criteria you’re most likely eligible for the program.
To learn which downpayment assistance program is the best fit for you fill out this quick form with your location, household size, and income. Our Homeownership staff will then reply with recommendations curated for you.
How can I get assistance?
There are a few simple ways to know if you are qualified for a WA Bond. For starters, your household income can be no greater than $145,000 with a credit score of at least 620, and you’re otherwise qualified for a home loan. If you fall within these criteria you’re most likely eligible for the program.
What loans are eligible?
Our homebuying assistance is only for homebuyers who use our Fairway Independent Mortgage Loan options. Specifically those in found with the Home Advantage Program or the House Key Opportunity Program.
How Much Assistance Can I get?
Assistance varies depending on the program you choose (the Home Advantage Program or the House Key Opportunity Program), but $10,000 is the average amount for the typical qualifying homebuyer.
So It's a Loan I Pay Back?
Yes, however, it does get wrapped into your main home mortgage, so you won’t have to worry about tracking two different payments. On top of that most of our downpayment loans are have deferred payment start — meaning no payment is due until the mortgage is paid off or until you sell, transfer, move or refinance your home.
How do I know which downpayment program is right for me?
Ask your lender, or fill out this quick form with information about your location, household size, and income. One of our Homeownership staff will reply with recommendations curated just for you.
Our qualifying WA Bond loan programs
VA Loan
- For military veterans and qualified surviving spouses
- Flexible down payment
- Adjustable or fixed rate
- Low closing costs
Federal Housing Administration (FHA) Loan
- Low down payment
- Flexible income and credit requirements
- Adjustable or fixed rate
USDA Loan
- Low FICO score requirements
- Low-interest rates
- Low closing costs
- Gift funds can be used for closing costs
Ready to learn more?
The home buying process can be stressful for some, but I can help you navigate your loan options and together we can achieve your goal of being a home owner.