washingon state downpayment assistance
Down Payment Assistance FAQ
How can I get this assistance?
The down payment assistance is only for homebuyers who use our home loan programs, either Home Advantage or Opportunity. If your household income is under the program limits (up to $160,000), your credit score is at least 620, and you’re otherwise qualified for a home loan, you are probably eligible.
How much assistance can I get?
It varies by program (see the list above), but $10,000 is the average amount for a typical homebuyer.
So it’s a loan that I pay back?
Yes. The interest rate is very low, from 0% to 4% depending on the program. It is wrapped into your main home mortgage, so you don’t have two bills to pay. Also, most of our down payment loans are payment deferred—meaning no payment is due until the mortgage is paid off or until you sell, transfer, move out of or refinance the property.