If providing this knowledge and service to hopeful buyers is something that you find compelling, you can register for Commission Home Loan Programs and Homebuyer Education Instructor Training here. Marcus and Leanne did this and have had success helping their clients find housing opportunity they might not otherwise have had.
Depending on the loan program that a home buyer is using (Home Advantage or House Key Opportunity), the buyer may be able to obtain a second mortgage at 0% interest or very low interest that is deferred. If used, this second mortgage is wrapped into the loan payment so that the buyer only makes one payment per month. While the House Key Opportunity loan program offers lower interest rates than the Home Advantage program, its “not to exceed” income limits are lower (and are also dependent on county of residence) and it is only available to homebuyers who are also using specific down payment assistance loan programs to buy their homes (see list on the WSHFC website). For example, a single person residing in King county with a combined household income of less than $87,600 who also needs to borrow all or some of their down payment and closing costs would be a candidate for the House Key Opportunity program.
- A young couple looking to buy their first home found out about the first-time homebuyer seminar from a friend. After attending, they spent over a year saving money and working to improve their credit. They ultimately qualified for an FHA loan and DPA, which allowed them to purchase their first home together.
- Another prospective buyer wasn’t confident he’d be able to purchase a home in our region, but then he attended a first-time homebuyer’s class of Marcus and Leanne’s, where he learned about the Commission’s programs. A few months later, he and his wife started the loan application process and home search. Remarkably, they were able to find a home and had their offer accepted after just two weeks. The Commission’s programs made it possible for them to bring only $5,500 to the closing table for the purchase of a $420,000 home, which the client noted was what they would normally pay in rent for their prior rental home.
- One hopeful buyer realized he didn’t need to have a 20% down payment after attending one of the seminars. He was able to bring just $6,000 of his own funds to the transaction. He used an FHA loan paired with DPA — this helped him refine and solidify his budget. The process moved quickly: he bought his home just two months after taking the class. He looked at 10–15 homes, made two offers and was successful on the second one.