In observance of Memorial Day, we will be closed on Monday, May 26. We will reopen on Tuesday, May 27.

Do you offer down payment assistant programs?

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.

Category: Home Loans