New state program aims to help hopeful homebuyers

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The Washington State Housing Finance Commission said Monday that it has launched a new mortgage program that should help more Washington residents with moderate incomes purchase a home.

The Home Advantage program offers a first mortgage through participating private lenders at a competitive interest rate on a 30-year, fixed-rate mortgage. Borrowers may also qualify for a second mortgage of as much as 4 percent of the original mortgage amount for down payment and closing costs. Payments on the second mortgage will be deferred at zero interest and are payable in 30 years or when the home is refinanced.

The maximum statewide household income limit for Home Advantage is $97,000 per year before taxes. Borrowers using the Home Advantage program do not need to be first-time homebuyers. For more information, visit Housing Finance Commission.