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PWhat is Home Advantage?
Home Advantage is a mortgage loan program offered by the Washington State Housing Finance Commission through participating lenders across the state. It offers a range of downpayment assistance options as well as competitive interest rates. Your lender will qualify you on a typical 30-year mortgage loan using our interest rate. To get started, contact one of our partner lenders or take a FREE homebuyer education class. You can learn more about Home Advantage here.
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PWhat kind of property can I finance with the Home Advantage loan?
You can use our Home Advantage home loans to purchase a one-unit single-family home, a townhome, a condominium, a manufactured home, or a two-unit (duplex) single-family home.
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PWhat is the income limit for the Home Advantage loan?
Household annual income must not exceed $215,000 (statewide).
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PIf the borrower currently has an MCC and refinances, can it be reissued?
Yes, it can be reissued within the first twelve months of refinancing if the borrower meets guidelines. Please find the criteria here.
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PDo you have MCCs available for home purchase?
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PAre your loans assumable?
Government first mortgages are assumable if allowed per agency guidelines and meet Commission criteria. Downpayment assistance loans are not assumable.
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PWho must attend the Homebuyer Education Class?
All borrowers who will be signing on both the Note and the Deed of Trust must attend the class. That means each person will need their own certificate of completion. Take a look at our Homebuyer Education class schedule.
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PHow do I request a rush for file review?
Please email homedocs@wshfc.org to request a rush on a submitted file.
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PDo Target Areas apply to Home Advantage?
No, Target Areas are only relevant to the House Key Opportunity program. See the Target Area map here.
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PIn order to originate loans and teach Commission-sponsored Homebuyer Education Classes does training have to happen in one day?
No. Your lender training is broken up into two parts – you can take the second part no later than 12 months of taking the first training. They can be done on different dates.
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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 trained to be a homebuyer education instructor?
Just sign up for our Initial Training for Homeownership Professionals on our Training page. After completing the two half-days of training, you’ll be approved to teach Commission-sponsored homebuyer education classes.
Keep in mind, you will need a teaching partner. All our classes 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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PDo your programs work with Habitat for Humanity and Community Land Trusts?
Yes, our home loans and downpayment assistance work with homes purchased through Habitat for Humanity or a Community Land Trust. The House Key Opportunity program offers special rates for borrowers who are purchasing a home through an approved affiliate member of Habitat for Humanity of Washington State or a home in a Community Land Trust, and who earn no more than 65% of area median income, based on household size and county in which they are buying. See the charts below to determine 65% of Area Median Income for the borrower.
65% AMI Chart – 2025
65% AMI Chart – 2024
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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. Find the contact information for all our loan servicers here.
If you are still unable to receive a payoff from the servicer, please contact the Commission.
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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. It is the second page of the DPA Commitment Letter.
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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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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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PWhere can I get a copy of the Note?
Please contact the loan servicer of the first mortgage loan to obtain a copy of the mortgage Note.
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PWhat are the interest rates?
See today’s rates on our Rates page!
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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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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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PHow long does your preclosing file review 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.
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PHow do I submit a loan?
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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 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 get featured on your website?
Just keep closing 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 LOs 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 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 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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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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PDoes the Commission re-underwrite my loan?
No. We only underwrite loans for the Commission’s own program guidelines.
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PDoes the Commission allow single-unit condominium project approval for FHA loans?
Our programs allow single-unit condo project approval. Lenders to follow agency guidelines.
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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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PDo you allow Power of Attorneys (POAs)?
Yes, we allow POAs. Follow agency guidelines and documentation requirements.
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PDo you allow DACA borrowers?
The Commission accepts DACA-status borrowers on Fannie Mae HFA Preferred for the Home Advantage and House Key programs only. Please note ITIN is not permitted.
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PCan you help my borrower get their EhomeAmerica Certificate?
If the borrower used the correct link from the Commission’s website and has misplaced their eHomeAmerica certificate, please contact eHomeAmerica directly at 844-243-4663 or support@ehomenetwork.org. Include the name(s), email and phone used to sign up for the class in the request.
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POn your rates page, what does greater than or less than 80% AMI mean?
A homebuyer whose income is under 80% of the Area Median Income for the county in which they are buying a home can get a lower rate on conventional loans (as distinct from government loans through FHA, VA or USDA). The 80% threshold is set by Fannie Mae and Freddie Mac.
2025 80% AMI Limits for Conventional Loans
2024 80% AMI Limits for Conventional Loans
PLEASE NOTE: This information does not determine eligibility and should not be relied on for any other purpose than determining rates on conventional loans.
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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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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. 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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PWhat kind of property can I finance with the House Key Opportunity loan?
You can use our House Key Opportunity home loans to purchase a one-unit single family home, town home, condominium, or a manufactured home.
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PWhat is a Target Area?
Target areas are census tracts that meet federal guidelines as economically distressed. Under the House Key Opportunity program, if you purchase a home in a target area, some restrictions and limits are eased. See Washington’s targeted areas on the map here.
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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 target area. Explore the income limits.
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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.
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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 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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PWhen can a loan officer reserve/lock a loan?
Loan officers can reserve/lock a loan after all borrowers have taken a Commission-sponsored homebuyer education class and have a fully executed purchase and sale agreement. Be sure homebuyer education class is taken 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 corporate office regarding locking your loan, as each lending institution will have their own internal guidelines.
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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 $215,000 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 — between 3-5% of the mortgage loan amount.
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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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PHow do I receive my homebuyer education forms?
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 attend training to teach homebuyer education classes?
Register for an upcoming class here.
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PHow can I tell if a home is in a Target 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 Target Area. The page also shows House Key Opportunity income limits for each county.
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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 the 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.
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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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PAre manufactured homes allowed for use with DPA?
Yes. Please follow agency guidelines for age and size.
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PDoes a downpayment assistance loan need to be paid 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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PHow do I get marketing materials for my homebuyer classes?
You can find these materials on the For Instructors page.
