The Washington State Housing Finance Commission offers individuals the Opportunity Downpayment Assistance Loan Program, a second mortgage loan program with a 1 percent interest rate, with the payment deferred for 30 years. 

FHA Mortgage Loan Rates

July 19, 2018
FHA Rates for July 19, 2018
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.

Opportunity Downpayment Assistance Loan Program

Financial Assistance for Homebuyers in Washington

The Washington State Housing Finance Commission recognizes that many individuals are stuck in a renter’s trap; they can afford monthly mortgage payments, but don’t have the funds for a down payment on a home. In order to help people get over this hurdle, it offers the Opportunity Downpayment Assistance Loan Program

Available Assistance
The Opportunity Downpayment Assistance Loan Program is a second mortgage 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 need-assessment for Veterans to be eligible). The Opportunity program is to be combined with the Opportunity first mortgage loan program.

Eligibility Requirements 
In order to be eligible for the Opportunity Downpayment Assistance Loan Program, all applicants must meet certain requirements. Borrowers must be first-time homebuyers or buying in a targeted area.* They must qualify for the Opportunity first mortgage loan program and attend a commission-sponsored homebuyer seminar prior to reserving funds.

Income Limits 
Applicants must fall within the following income limits determined in the program:

King/Snohomish County
1 or 2 person households: $57,600
3 or more person households: $72,000

Clark/Thurston/Island/Pierce/Skamania County
1 or 2 person households: $48,850
3 or more person households: $61,050

Kitsap  County
1 or 2 person households: $49,400
3 or more person households: $61,700

All Other Counties
1 or 2 person households: $42,050
3 or more person households: $52,250

Note: All figures mentioned were accurate at the time of publication and may no longer be current- visit the program website for updated information.

*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.

 

Down Payment Grants in Washington

The ARCH East King County Downpayment Assistance Loan Program helps qualified borrowers purchasing a home or condominium within an ARCH member city. It provides up to $30,000 in down payment assistance at 4 percent simple interest. 

The Washington State Housing Finance Commission offers residents of Bellingham the Bellingham Downpayment Assistance program with up to $40,000 in down payment and closing cost assistance. Payment can be deferred for 30 years at 3% simple interest.

The Washington State Housing Finance Commission offer homebuyers the Home Advantage Down Payment Assistance Loan Program, a second mortgage with a zero percent interest rate and payment deferred for 30 years that combines with the Home Advantage first mortgage.

HomeChoice is a down payment assistance program offered by the Washington Housing and Finance Commission. It combines with the House Key and Home Advantage first mortgage loan programs. 

The Washington State Housing Finance Commission offers individuals the Opportunity Downpayment Assistance Loan Program, 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.

The Washington State Housing Finance Commission's Veterans Downpayment Assistance Loan Program offers down payment assistance in the form of a second mortgage loan to Washington State veterans who have served our country.

FREE CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!