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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