HOMEOWNERSHIP
• Home Advantage
• Opportunity
• MCC Reissuance
• Homebuyer Education
• Premier Lenders
• Downpayment Assistance
• Homeowners Guide
• Counseling Providers
Need help with a downpayment?
For many people, the cash downpayment required to buy a home is a
significant hurdle. We lower this barrier by offering
downpayment assistance loans for homebuyers who use our mortgage
programs (Home Advantage and
House Key). As always, we encourage you to
take a homebuyer education class and to
connect with one of our trained
lenders who knows our programs.
Disclaimer: The Commission does not endorse a person, business practice, product or service other than those of the Commission.
Downpayment Assistance FAQ |
How can I get this assistance?
Our downpayment assistance is only for homebuyers who use our
home loan programs, either Home
Advantage or Opportunity. If your
household income is under the program limits (up to $180,000), your credit score is at least
620, and you’re otherwise qualified for a home loan, you are
probably eligible.
How much assistance can I get?
It varies by program (see the list above), but $10,000 is the average
amount for a typical homebuyer.
So it’s a loan that I pay back?
Yes. The interest rate is very low, from 0% to 4% depending on
the program. It is wrapped into your main home mortgage, so you
don’t have two bills to pay. Also, most of our downpayment loans
are payment deferred—meaning no payment is due until the
mortgage is paid off or until you sell, transfer, move out of or
refinance the property.
You have a lot of downpayment programs. How do I know
which one is right for me?
Ask your lender—or,
fill in this quick form with information
about your location, household size and income. One of our
Homeownership staff will reply with recommendations just for
you.
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Programs Available Statewide |
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Programs for Specific Areas |
Home Advantage DPA
Up to 3% or 4% of the first mortgage total or gross loan amount for borrowers using our Home Advantage Gov’t or Conventional loan programs or up to 5% using Home Advantage conventional or FHA.
Home Advantage
DPA Needs Based Option
Up to $10,000, for borrowers using our Home Advantage loan and
under certain income limits.
Opportunity DPA
Up to $15,000, for borrowers using our House Key Opportunity
loan.
Veterans
Up to $10,000 for military veterans who have served our country.
HomeChoice
Up to $15,000 for buyers with a disability or disabled family
member living with them.
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Clark County
Up to $60,000 for buyers within Clark County, Washington.
ARCH East King County
Up to $30,000 for buyers within an ARCH member city or area
(east King County).
Bellingham
Up to $40,000 for people buying within the city limits of
Bellingham.
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