Best of HFAs Homeownership Panel Karen Carlson-Bunce Washington State Housing Finance Commission Downpayment Assistance Partnership Programs.

Best of HFAs Homeownership Panel

Karen Carlson-BunceWashington State

Housing Finance Commission

Downpayment Assistance Partnership Programs

In 31 years, the Commission has helped:

13,396 Washington homebuyerswith

$101 million in downpaymentassistance funds

We currently offer:

8 different DPA programs

3 are partnerships that combine funds from WSHFC and the partner agency

Downpayment AssistancePartnership Programs

Current Partnership Programs:

with City of Seattle with ARCH of East King County

with City of Tacoma

Downpayment AssistancePartnership Programs

Basic Parameters for Partnership DPAs Deferred 2nd mortgage (not a grant) Use for downpayment, closing costs & pre-paids Must use with WSHFC Home Advantage first

mortgage Consistent between programs

Follows most restrictive guidelines (HOME): 80% AMI or less, disclosures, inspection, etc.

Lender funds loan, we repay through servicer; then request partial reimbursement from partner agency

Downpayment AssistancePartnership Programs

Process for Developing Programs• Partnership discussion • Award / NOFA • Interagency agreement • WSHFC board approval for

matching funds• Program description, manuals,

forms• Marketing & training• Administration (including reporting)

Downpayment AssistancePartnership Programs

Innovative and Replicable

• Lowers cost for partners—no admin fees from WSHFC

• Partners keep DPA in their jurisdiction or targeted to specific population

• Partners leverage both WSHFC funds and WSHFC experience with administration

• Partners can continue offering DPA in their communities and still meet bottom line

Downpayment AssistancePartnership Programs

Advantages to WSHFC

• Markets our home-loan programs• Niche products bring people to us• Serves lower income and specific

demographics• Our funds go farther with local and

federal dollars as leverage

Downpayment AssistancePartnership Programs

More Information

• Visit us at wshfc.org!

• Contact:

Downpayment AssistancePartnership Programs

Karen Carlson-Bunce2nd Mortgage Program Administrator [email protected](206) 287-4413