While we do not have a down payment assistance program, we do offer an Affordable Home Buyer Program. This is a special loan program for potential borrowers with earnings at 80% or less of the median income levels in Thurston and Mason counties.
Applicants can borrow up to 97%* of the purchase price of a home and all but $1,000 of the down payment may come from a family gift or down payment assistance program. In addition, seller paid closing cost is allowed.
Borrowers who qualify for this program receive a discounted interest rate based on current market rates. In addition, qualifying borrowers also receive a reduced loan origination fee, from the typical 1% to a flat fee of $800.00.
All of these special incentives and discounts combine to help reduce the out-of-pocket expenses for the borrower, while also lowering their overall monthly payment.
It’s important to note that this program is for purchases or non-cash-out refinancing. If a borrower is refinancing they need to have owned their home for a minimum of 24 months. The maximum loan amount for this program is $410,000*.
*Subject to approval. Loans with less than 20% down will require approval of Private Mortgage Insurance (PMI). OlyFed has negotiated a discounted PMI premium for qualifying borrowers to help further lower their monthly payment.