STATEWIDE PROGRAMS

Opportunity Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers the Opportunity Down Payment Assistance Loan Program that offers homebuyers up to $10,000 in the form of a second mortgage.

This assistance must be combined with an Opportunity first mortgage. The loan is deferred for 30 years and has a 1% interest rate. The actual loan amount is based on need. Veterans are not assessed for need to be included in the program.

Qualifications:
You must be a first time homebuyer or be purchasing property in a targeted area.

The maximum income limit in King and Snohomish Counties, as of 5/6/2019, was $70,600 for 1 or 2 persons and $88,250 for 3 or more persons.
The maximum income limit in Clark, Island, Kitsap, Skamania, Thurston, and Whatcom Counties, as of 5/6/2019, was $56,250 for 1 or 2 persons and $70,300 for 3 or more persons.
The maximum income limit for all other counties, as of 5/6/2019, was $49,950 for 1 or 2 persons and $62,400 for 3 or more persons.

Homebuyers must attend a homebuyer seminar before they can be approved for the program. Cash back to borrowers is not allowed.

HomeChoice Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers the HomeChoice Down Payment Assistance Loan Program that offers up to $15,000 in assistance when combined with House Key and Home Advantage first mortgages. This second mortgage is designed for borrowers with disabilities or who have family members in their households with disabilities. This loan has a 1% interest rate and is deferred until the property is sold or refinanced or after 30 years.

Qualifications:
You must be a first time homebuyer or be purchasing property in targeted areas. The maximum income limit in King and Snohomish Counties was $108,600 as of 5/6/2019. The maximum income limit in all other counties was $86,300 as of 5/6/2019. You must attend a homebuyer seminar prior to being accepted into the program.

Home Advantage Down Payment Assistance Program

Assistance Available:
The Washington State Housing Finance Commission administers the Home Advantage Down Payment Assistance Program which offers up to 4% of the purchase price or 5% when you use their conventional HFA Preferred first mortgage. This assistance must be combined with a Home Advantage first mortgage. The loan is zero interest and deferred for 30 years.

There is also a needs based option that offers up to $10,000 for homebuyers using the Home Advantage first mortgage and who meet specific income limits.

Qualifications:
The maximum income limit for a Home Advantage second loan is $145,000 statewide. You must attend a homebuyer seminar prior to being accepted into the program. There is no cash back at closing.

Veterans Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers the Veterans Down Payment Assistance Loan Program which offers up to $10,000 in the form of a 30 year deferred second mortgage with 3% interest. These funds are reserved for Washington State veterans who have honorably served the country. The down payment assistance loan must be combined with a Home Advantage of House Key first mortgage.

Qualifications:
You must be honorably discharged or discharged for medical reasons after serving honorably. You may be a member or honorably discharged from the Washington National Guard or Reserve. You may be the spouse of a deceased veteran if you have not remarried. You may be the dependent child of a deceased veteran.

You must be a first time homebuyer or be purchasing property in targeted areas. The maximum income limit for King and Snohamish Counties as of 5/6/19 was $108,600. The maximum income limit for all other counties as of 5/6/19 was $86,300. You must attend a homebuyer seminar prior to being accepted into the program. There is no cash back at closing.

CITY AND COUNTY PROGRAMS

East King County
ARCH East King County Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers this ARCH East King County Down Payment Assistance Loan Program which offers up to $30,000 in downpayment assistance. The loan is in the form of a deferred second mortgage with 4% simple interest. There are no monthly payments.

The loan is due when the property is sold, refinanced, or transferred, when the borrower no longer lives in the home as his or her primary residence, or when the first mortgage is satisfied (on or before 30 years).

Qualifications:
You must be purchasing property within an ARCH member city. Participating cities are Beaux Arts Village | Bellevue | Bothell | Clyde Hill | Hunts Point | Issaquah | Kenmore | Kirkland | Medina | Mercer Island | Newcastle | Redmond | Sammamish | Woodinville | Yarrow Point.

You do not have to be a first time homebuyer. You must contribute 2% of the purchase price toward the downpayment. ½ of the 2% may be funds received as a gift. Household income limits apply. The maximum purchase price as of 7/15/2019 was $413,000. Single family homes, condominiums, existing homes and new construction are eligible. You must attend a homebuyer seminar and a pre-purchase counseling session. Both the seminar and the counseling session are free.

City of Bellingham
Bellingham Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers the Bellingham Down Payment Assistance Loan Program which offers homebuyers purchasing property within the city limits of Bellingham up to $40,000 in downpayment assistance. The assistance is in the form of a deferred, 30 year second mortgage with 3% simple interest. There are no monthly payments. The loan becomes due when the property is sold, refinanced or transferred, when the borrower stops living in it as a primary residence, or when the first mortgage is satisfied (on or before 30 years).

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). You must occupy the property as your primary residence. Income limits apply. You must attend a homebuyer seminar and a one on one pre-purchase counseling session. Both the seminar and the counseling session are free.

The maximum purchase price for a single unit home, attached, detached, or manufactured, as of 7/25/2018 was $360,050. The maximum purchase price for a condominium as of 7/25/3018, was $234,413. You must make a cash contribution of $2500 or 1% of the purchase price, whichever is greater toward the downpayment. 25% of the required cash contribution may be in the form of a gift.

Pierce County
Pierce County Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers the Pierce County Down Payment Assistance Loan Program which offers up to $24,900 to help pay for downpayment and closing costs. The assistance is in the form of a second mortgage, deferred for 30 years with 4% simple interest. The loan must be combined with a Home Advantage or Opportunity first mortgage. There are no monthly payments. The loan comes due when the property is sold, refinanced, or transferred, when the borrower stops occupying the property as his or her primary residence, or when the first mortgage is satisfied (on or before 30 years).

Qualifications:
The property purchased must be located in Pierce County, but outside the City of Tacoma, Bonney Lake, Lakewood, Auburn, and Pacific city limits. You must be a first time homebuyer. You must occupy the property as your primary residence. The property purchased must not have been tenant occupied within 90 days of the signing of the purchase and sale agreement. You must attend a homebuyer education seminar and a one on one counseling session. Income limits apply.

City of Seattle
Seattle Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers the Seattle Down Payment Assistance Loan Program which offers City of Seattle homebuyers up to $55,000 in downpayment assistance. The assistance is in the form of a second mortgage, deferred for 30 years with 3% simple interest. There are no monthly payments. The loan must be combined with a Home Advantage or Opportunity first mortgage.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). You must occupy the property as your primary residence. The property must be located within the city limits of Seattle. You must make a cash contribution of $2500 or 1% of the purchase price, whichever is greater toward the downpayment. 25% of the required cash contribution may be in the form of a gift. Income limits apply.

City of Tacoma
Tacoma Down Payment Assistance Loan Program

Assistance Available:
The Washington State Housing Finance Commission administers the Tacoma Down Payment Assistance Loan Program which offers homebuyers up to $20,000 in downpayment assistance. The loan is in the form of a second mortgage deferred for 30 years with 4% simple interest. The second mortgage must be combined with a Home Advantage or Opportunity first mortgage. There are no monthly payments.

The loan becomes due and payable when the property is sold, refinanced, or transferred, when the borrower ceases to occupy the property as his or her primary residence, or when the first mortgage is satisfied (on or before 30 years).

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). The property purchased must not have been tenant occupied for 90 days prior to the signing of the purchase and sale agreement. You must attend a homebuyer education course and a one on one counseling session prior to closing. Online homebuyer education courses are not acceptable for this program.

Income limits apply. The maximum purchase price for an existing home was $254,000 as of 6/01/2018. The maximum purchase price for new construction was $329,000 as of 6/01/2018. Manufactured homes are not eligible. You must make a $1000 contribution toward the downpayment. This contribution may be a gift.