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.

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Bellingham Downpayment Assistance

Financial Assistance for Homebuyers in Washington

The Washington State Housing Finance Commission offers residents of Bellingham the Bellingham Downpayment Assistance program, a second mortgage loan that combines with the Home Advantage or House Key Opportunity first mortgage loan program.

Available Assistance
The program allows up to $40,000 in down payment and closing cost assistance with payments deferred for 30 years, at 3 percent simple interest. The borrower is required to contribute a minimum down payment of $2500 or 1 percent of the purchase price, whichever is greater (gift funds of up to 25 percent of the requirement are allowed). There are no monthly payments for this loan, and the balance is due when the home is sold, refinanced, transferred, paid off, or no longer serves as the borrower's primary residence.

Eligibility Requirements 

In order to be qualify for the Bellingham Downpayment Assistance Program, applicants must be first-time homebuyers. They must attend a one-on-one pre-purchase counseling session just prior to closing, as well as a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission. Online Homebuyer Education will not meet the seminar requirement for this program. 

Property Guidelines
The property being purchased must serve as the borrower’s principal residence and must be owner-occupied. Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement. The purchase price limit on new and existing constructions is $299,025.

Income Limits
1 person: $38,300
2 person: $43,750
3 person: $49,200
4 person: $54,650
5 person: $59,050
6 person: $63,400
7 person: $67,800
8 person: $72,150

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

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.

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