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DOWN PAYMENT ASSISTANCE PROGRAMS IN WASHINGTON STATE
The only down payment assistance program you can do in Washington state is HomeChoice.
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2 Replies
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Down payment assistance is such a great program for those that have limited assets but a stable predictable income. Paired with seller concessions a buyer can bring a very limited amount to the closing table.
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The assertion you made may be correct. Yes, HomeChoice is one of the popular down payment assistance programs across Washington State. However, there are several other programs available. Here are some of the notable downpayment assistance programs in Washington State:
Washington State Housing Finance Commission (WSHFC) Programs
Home Advantage DPA: Up to three or four percent of the total first mortgage or gross loan amount for applicants employing the Home Advantage loan programs.
For Home Advantage conventional or FHA loan borrowers, up to 5% is also applicable.
Home Advantage DPA Needs-Based Option: Assists consumers who use the Home Advantage loan subject to qualifying income limits by a maximum of $10,000.
Opportunity DPA: Assists applicants who use the House Key Opportunity loan and up to $15,000.
Veterans DPA: Assists veterans who have served in the military by providing a maximum of $10,000.
Covenant Homeownership DPA: Provide assistance up to twenty percent of the purchase price or the appraised value, whichever is the lesser, while ensuring that the amount payable plus the closing costs does not exceed $150,000.
Clark County DPA: Provides a maximum of $60,000 to buyers within Clark County.
ARCH East King County DPA: This program provides up to $30,000 to buyers living within an ARCH member city or area in East King County.
Bellingham DPA: Offers up to $40,000 for people purchasing a home within the Bellingham limits.
HomeChoice Program
Aim: This program is suitable for buyers who have a disability or have a disabled member living with them.
Support: Alongside a thirty-year deferred payment scheme, the assistance budget offers $15,000 at a mere 1% interest.
These initiatives seek to address the homebuilding needs of a large section of Washington’s homebuyers. If you need assistance, it is advisable to contact a local lender or the Washington State Housing Finance Commission.
Does this help, or do you need some clarity on these programs?