Seattle Downpayment Assistance Program
Financial Assistance for Homebuyers in Washington
Funds may be used for down payment and closing costs. The borrower’s down payment requirement is 1 percent of the purchase price or $2500, whichever is greater.
Eligibility Requirements
- There is Shared Appreciation requiremen for the first 9 years.
- Borrowers must fall within the following income limits:
-- 1 person household: $48,550
-- 2 person household: $55,450
-- 3 person household: $62,400
-- 4 person household: $69,300
-- 5 person household: $74,850
-- 6 person household: $80,400
-- 7 person household: $85,950
-- 8 person household: $90,300 - The purchase price limit on new and existing construction is $354,000.
- The home must not have been occupied by a tenant within 90 days of the purchase and sale agreement.
- Borrowers must be a first-time homebuyers and the home being purchased must be their principal residence and owner-occupied.
- All borrowers must attend a free Homebuyer Education Seminar* sponsored by the Washington State Housing Finance Commission and receive a certificate. Online Homebuyer Education will not meet the seminar requirement for this program.
- Seminars last as least five hours, and cover all major aspects of the home buying process.
- Seminars are presented in an open and unbiased format.
- Approved training materials and handouts will be used.
- Professionals who have attended the Commission's instructor training will lead seminars.
- There will be no direct marketing or sales presentations given either by the instructor or any guest speakers.
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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