Bellingham Downpayment Assistance

If you live in Bellingham, Washington, and have a Home Advantage or House Key Opportunity first mortgage, then you may be able to qualify for this down payment assistance program from the Washington State Housing Finance Commission.

As much as $40,000 is offered in the form of a second mortgage with 3% interest and deferred payment. Payment is only due when the property has been sold, transferred, refinanced, is no longer owner-occupied, or when the first mortgage has been paid off.

The applicant must be able to put down at least $2,500 towards the home purchase, or 1% of the sales price, whichever amount is larger. However, as much as 25% of the required amount can be from gift funds (but the rest must come from the applicant’s own assets).

Only first-time homebuyers can apply, and they must attend both a homebuying seminar and individual homebuyer counseling before they will be approved. Applicants must also fall within specified income limits, which depend on household size and are as follows for 2020:

  • 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

The applicant must be planning on using the property as their primary residence. Furthermore, the property cannot have had any tenants occupying it within 90 days of closing or the sale agreement. The property must also fall within a sale price of $299,025.

Other programs in Washington:

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