This downpayment assistance program, which is offered by Washington’s Housing Finance Commission as a second mortgage, can be combined with either the Home Advantage or Opportunity mortgage as the first loan.
For those looking to buy their home in Seattle, as much as $55,000 is offered as down payment and closing cost assistance. Payments for this loan are deferred for as long as 30 years, with a 3% simple interest rate. Only first-time homebuyers who plan to use their home as a primary residence are allowed.
Applicants must participate in a homebuying education seminar, which is also offered by the Washington State Housing Finance Commission, and obtain a certificate of completion. As of 2020, seminars are virtual only. They are five hours or longer and offer information necessary to purchase, own and maintain a home. Advanced reservations are required for seminars.
Applicants must be able to put down at least 1% of the sales price of the house, or $2,500 (whichever amount is larger). Gift funds can be used for as much as 25% of the required payment, but no more than that. Borrowers must also fall within specified household income limits, which depend on household size.
Other programs in Washington:
- Tacoma Down Payment Assistance Program
- Pierce County Downpayment Assistance Program
- Opportunity Downpayment Assistance Loan Program
- HomeChoice Down Payment Assistance Program
- Bellingham Downpayment Assistance
- ARCH East King County Downpayment Assistance Loan
- Home Advantage Down Payment Assistance Loan Program
- Veterans Downpayment Assistance Loan Program