First Time Home Buyer Loans
Down Payment Assistance FAQ
How can I get this assistance?
Our 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, 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 downpayment 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.
You have a lot of down payment programs. How do I know which one is right for me?
Ask me, —or, fill out the pre-approval with information about your location, household size and income. One of our Homeownership staff will reply with recommendations just for you.
Programs Available Statewide Programs for Specific Areas
Home Advantage DPA
Up to 3% or 4% of the first mortgage total or gross loan amount for borrowers using our Home Advantage Gov’t or Conventional loan programs or up to 5% using Home Advantage conventional or FHA.
Home Advantage DPA Needs Based Option
Up to $10,000, for borrowers using our Home Advantage loan and under certain income limits.
Opportunity DPA
Up to $15,000, for borrowers using our House Key Opportunity loan.
Veterans
Up to $10,000 for military veterans who have served our country.
HomeChoice
Up to $15,000 for buyers with a disability or disabled family member living with them.
Seattle
Up to $55,000 for buyers within the city limits of Seattle.
ARCH East King County
Up to $30,000 for buyers within an ARCH member city or area (east King County).
Bellingham
Up to $40,000 for people buying within the city limits of Bellingham.
Tacoma
Up to $30,000 for buyers within the city limits of Tacoma.
The good news is that these loans are becoming easier to access online and qualify for.
Want to know what works best for you?
If you’re ready to get rolling, you can start your application now or call 206.335.7334 to discuss your particular needs.