Available Programs

CHENOA Fund Program

The CHENOA Fund Program is available in Washington.

Availability: Nationwide

  • Down payment assistance up to 3.5% of the purchase price or appraised value, whichever is less
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types available
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

Washington State Housing Finance Commission (WSHFC)

Availability: Washington State

  • The Washington State Housing Finance Commission (WSHFC) offers two first mortgage options and multiple Down Payment Assistance options for low to moderate income borrowers in Washington State.
  • Each Down payment Assistance program offered at the Commission receives funding from different sources including, but not limited to federal funds (HOME, CDBG), state funds, city funds (housing levy) and the Commission’s Program Investment Funds.

Home Advantage

Availability: Washington State

  • Down payment assistance up to 5% in a deferred 2nd lien
  • Conventional, FHA, VA and USDA loan types allowed
  • A property inspection is required
  • Income restrictions apply
  • Homebuyer education is required

House Key

Down payment assistance for all other Commission second mortgage programs including Home Advantage 1% Needs Based Option up to $10,000: (Rev. 03/01/17) DOWNPAYMENT PROGRAMS 13.4 The down payment assistance loan amount is the lesser of:

Availability: Washington State

  • A) Amount of need as established by the Needs Assessment Form (based on maximum financing or on gap financing) calculated by the underwriter; or
  • B) Maximum loan amount per program
  • Conventional, FHA, VA and USDA loan types allowed
  • Household income restrictions apply for all members over 18 years of age
  • First time homebuyer restrictions
  • Homebuyer education is required
  • A property inspection is required

Some program restrictions and requirements apply. The type of DPA and lien position will vary for each loan program. Please contact your On Q Financial, Inc. Mortgage Consultant for more information.

Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment.