The Washington State Housing Finance Commission offers Washington down payment assistance programs to provide encouragement and bring home ownership into the reach of more people.
The most popular program is the Home Advantage DPA. This is a state wide program. With the Home Advantage DPA borrowers may qualify for 4% of the total loan amount. The assistance comes in the form of a second mortgage loan with a thirty-year term and a 0% interest rate. To qualify, the homebuyer must attend and receive a certificate from a WA State Commission sponsored homebuyer education seminar, must be able to qualify for a mortgage loan through the FHA, VA, Rural Housing Service or Conventional and have an income of under $97,000 per year.
Washington down payment assistance programs also provide opportunities for second mortgage loans that combine with Home Advantage DPA for qualified borrowers.
The HomeChoice loan combines with Home Advantage and is for qualified borrowers with a disability or has someone living with them with a disability. This loan provides up to $15,000 of assistance with a 1% interest rate. The maximum income rates vary depending on the county, with the highest qualifying income limits in King and Snohomish county at $88,200 per year.
Qualifying veterans are able to participate in the House Key Veterans Downpayment Assistance Loan Program which also combines with Home Advantage DPA. This then year loan provides up to $10,000 in assistance for first-time homebuyers with an interest rate of 3%. If the homebuyer is purchasing in a targeted or economically distressed area, then they do not need to be first-time homebuyers.
Educators and employees of community colleges, technical college and K-12 private and public schools recognized by the State of Washington are eligible to qualify for the House Key Schools for educators DPA Loan Program. This program also combines with Home Advantage with a 3% ten year loan term offering up to $10,000 in funds. This program is for first-time homebuyers unless the home being purchased is in a target area.
In addition, the Home Advantage Built New Program, House Key Plus ARCH East King County, House Key Plus Seattle and the Tacoma Downpayment Assistance combine with Home Advantage to promote purchasing residences in target areas. Each of these programs offers a different loan terms and amounts and have different qualifying incomes.
Once a homebuyer has attended the WA State Commission sponsored homebuyer education seminar, the various down payment loan assistance programs should provide encouragement and assistance in reaching the goal of home ownership.
Below is a list of Washington Down Payment Assistance Programs:
- Housing Authority of the City of Bremerton
- Housing Authority of Kittitas County
- Everett Housing Authority
- Housing Authority of Snohomish County
- Housing Authority of Thurston County
- Kitsap County Consolidated Housing Authority
- Pierce County Housing Authority
- Renton Housing Authority
- Seattle Housing Authority
- Spokane Housing Authority
- Tacoma Housing Authority
- Housing Authority of Vancouver
- Washington Housing Authority
- 2018 Washington Down Payment Assistance Programs
- Bremerton Down Payment Assistance Program
- Clark County Columbia Non-Profit Housing Corporation First Home Loan Program
- Home Advantage Built New Program
- Home Advantage Down payment Assistance Second Mortgage Program
- HomeChoice Program
- House Key Schools Program
- House Key Veterans Program
- Kitsap County Down Payment Assistance Program
- Lakewood Down Payment Assistance Program
- Multi-Counties Spokane Neighborhood Action Programs Eastern Washington IDA Network
- Pierce County Down Payment Assistance Program
- Richland Down Payment Assistance Program
- Seattle Delridge Neighborhood Development Association DownPayment Assistance Program
- Seattle Down Payment Assistance Program New Holly Project
- Seattle First Time Home Buyer Programs Grants Program
- Seattle Homebuyer Assistance Program Brandon Court Project
- Spokane County DownPayment Assistance Program
- Tacoma DownPayment Assistance Program
- Washington Mortgage Credit Certificate
- Washington State Housing Finance Commission
- Yakima Down Payment Assistance Program