The Washington State Housing Finance Commission offers a down payment assistance program called Opportunity, a second mortgage loan program with a 1 percent interest rate, with the payment deferred for 30 years. 

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Opportunity Downpayment Assistance Loan Program

Financial Assistance for Homebuyers in Washington

The Washington State Housing Finance Commission offers a down payment assistance program called Opportunity. The Opportunity Downpayment Assistance Loan Program is a second mortgage loan program with a 1 percent interest rate, with the payment deferred for 30 years. The loan amount can go up to $10,000, based on need (There is no assessment of need for Veterans to be eligible). The Opportunity program is to be combined with the House Key Opportunity first mortgage loan program.

Eligibility Requirements:
  • Borrowers must be first-time homebuyers or buying in a targeted area*
  • Applicants must qualify for the House Key Opportunity first mortgage loan program
  • Borrowers must attend a Commission-sponsored homebuyer seminar prior to reserving funds
  • Applicants must fall within the following income limits determined in the program:

    King/Snohomish County
    $55,450 for 1-2 person families
    $69,300 for 3+ person families

    Clark/Thurston County
    $47,150 for 1-2 person families
    $58,900

    Kitsap  County
    $50,000 for 1-2 person families
    $62,500 for 3+ person families

    All Other Counties
    $42,800 for 1-2 person families
    $53,450 for 3+ person families
*Targeted areas are census tracts in Washington state that meet federal guidelines as economically distressed and, therefore, given special consideration under the Mortgage Credit Certificate Program and the House Key State Bond Program.

At the time of this writing, the following participating lenders have demonstrated a track record of originating and closing  the House Key Opportunity loans needed to qualify for the Opportunity program:
  • 1st Security Bank of Washington
  • Absolute Mortgage
  • Academy Mortgage
  • Alaska USA Mortgage
  • American Pacific Mortgage
  • Axia Home Loans
  • Bank of the Pacific
  • Banner Bank
  • Bay Equity Mortgage
  • Caliber Home Loans
  • Chimney Rock Mortgage
  • City First Mortgage Services
  • CMG Mortgage
  • Cornerstone Home Lending
  • DHI Mortgage
  • Directors Mortgage
  • Eagle Home Mortgage
  • Envoy Mortgage
  • Equity Home Mortgage
  • Evergreen Home Loans
  • Fairway Independent Mortgage
  • Global Credit Union
  • Guild Mortgage
  • HomeSight
  • HomeStreet Bank
  • imortgage
  • Intercap Lending
  • Kiel Mortgage
  • Land Home Financial Services
  • Landmark Professional Mortgage
  • LeaderOne Financial
  • LoanStar Home Lending
  • Mann Mortgage
  • Mortgage Express, LLC
  • Mortgage Masters
  • Movement Mortgage
  • Network Mortgage Services
  • New American Funding
  • Numerica Credit Union
  • On Q Financial
  • Opes Advisors
  • Peoples Bank
  • Pinnacle Capital Mortgage
  • Primary Residential Mortgage
  • Prime Lending
  • Priority Home Lending
  • Procura Mortgage
  • Prospect Mortgage
  • Skyline Home Loans
  • Stearns Lending
  • Summit Funding
  • Summit Mortgage Corporation
  • The Advisors
  • Umpqua Bank
  • Universal American Mortgage
  • Veteran’s United Home Loans
  • Vitek Mortgage Group
  • Wallick & Volk
  • Washington Trust
  • Wells Fargo Bank, NAWillamette Valley Bank

Down Payment Grants in Washington

The Washington State Housing Finance Commission offers a down payment assistance program called Opportunity, a second mortgage loan program with a 1 percent interest rate, with the payment deferred for 30 years. 

This program is for qualified borrowers purchasing within the Pierce County limits, outside of the Tacoma, Lakewood, Bonney Lake, Auburn, and Pacific city limits. The loan amount goes up to $24,900, with payments deferred for 30 years, at 4 percent simple interest.

Under this program, qualified borrowers purchasing within the city limits of Seattle are allowed up to $45,000 in assistance with payments deferred for 30 years, at 3 percent simple interest. Funds may be used for down payment and closing costs.

Qualified borrowers within Tacoma city limits are allowed up to $20,000 in down payment and closing cost assistance with payments deferred for 30 years, at 4 percent simple interest. The borrower’s minimum down payment requirement is $500.