Opportunity Downpayment Assistance Loan Program
Financial Assistance for Homebuyers in Washington
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 assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Washington
ARCH East King County Downpayment Assistance Loan
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.
Bellingham Downpayment Assistance
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.
Home Advantage Down Payment Assistance Loan Program
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 Down Payment Assistance Program
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.
Opportunity Downpayment Assistance Loan Program
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.
Pierce County Downpayment Assistance Program
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.
Seattle Downpayment Assistance Program
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.
Tacoma Down Payment Assistance Program
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.
Veterans Downpayment Assistance Loan Program
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.
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