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.

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Seattle Downpayment Assistance Program

Financial Assistance for Homebuyers in Washington

The Seattle Downpayment Assistance Program is a second mortgage loan program that combines with the Home Advantage first mortgage loan program. Under the 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. The borrower’s down payment requirement is 1 percent of the purchase price or $2500, whichever is greater.

Eligibility Requirements:
  • There is Shared Appreciation required for the first 9 years
  • Borrowers must fall within the following income limits:

    -- 1 person $48,550
    -- 2 person $55,450
    -- 3 person $62,400
    -- 4 person $69,300
    -- 5 person $74,850
    -- 6 person $80,400
    -- 7 person $85,950
    -- 8 person $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
Seminar Standards Assure the Following:
  • 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 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.