Downpayment Assistance Programs in Washington State
With home prices and interest rates remaining at all time highs in Washington State, it can be a struggle for people looking to purchase their first house. One of if not the biggest hurdle for buyers when deciding on when to purchase a home is saving for that downpayment.
However, thanks to the Washington State Home Financing Commission, homebuyers have an opportunity to qualify for a downpayment assistance program! Which can cover between 3-5% of a downpayment for a home.
So what’s the catch? Well, you just have to pay it off, but the great thing is that it’s not a separate bill that you have to pay on top of your monthly mortgage. Most down payment assistance programs are payment deferred - meaning that, no payment is due until the mortgage is completely paid off or if you decide to sell, transfer, or move out of your property.
In order to qualify…
Your household income cannot exceed $180,000
Your credit score must be at 620 or above
You have to be using one of the following home loan programs (both require you to take a homebuyer education course)…
HomeChoice (Borrowers who either have or have family members with disabilities)
Yes, the program works as a loan; however, applying for downpayment assistance can certainly lead many people in Washington State to buying a home much faster without the burden of paying more on top of their mortgage.
