If you’re a first-time homebuyer in Washington State, navigating the complex world of home financing can be a daunting task. Fortunately, there are several loan programs and down payment assistance programs available to help you get into your dream home.
Loan Programs for First-Time Homebuyers in Washington State
FHA Loans: The Federal Housing Administration (FHA) loan program is a popular option for first-time homebuyers because it requires a low down payment of just 3.5%. FHA loans are also more lenient in terms of credit score requirements, making them more accessible to those with less than perfect credit.
VA Loans: Veterans, active-duty service members, and surviving spouses may be eligible for a VA loan, which offers no down payment requirement and competitive interest rates.
USDA Loans: The United States Department of Agriculture (USDA) loan program offers 100% financing to eligible borrowers in rural areas. This program is popular among first-time homebuyers because it requires no down payment.
Home Advantage Program: The Washington State Housing Finance Commission offers the Home Advantage Program, which provides affordable mortgages with down payment assistance up to 4% of the loan amount.
Down Payment Assistance Programs in Washington State
Home Advantage Program: In addition to the mortgage assistance mentioned above, the Home Advantage Program also provides down payment assistance up to 4% of the loan amount.
Home Advantage DPA: This program offers up to $10,000 in down payment assistance to borrowers who have a household income at or below 80% of the area median income.
House Key Opportunity: The House Key Opportunity program provides down payment assistance up to $10,000 or 4% of the loan amount, whichever is less. Eligible borrowers must have a credit score of at least 620.
Seattle Office of Housing: The Seattle Office of Housing provides down payment assistance up to $55,000 to eligible first-time homebuyers in Seattle.
Tacoma Down Payment Assistance: The City of Tacoma offers down payment assistance up to $20,000 to eligible first-time homebuyers purchasing a home within Tacoma city limits.
Northwest MLS has incorporated an amazing tool called “Down Payment Resource” that lists eligible programs for specific properties. Here is a screen shot of available programs for one of my current listings in Bellingham at $495,000:
If a certain property catches your eye I can easily email you all the corresponding programs for further investigation.
As a first-time homebuyer in Washington State, there are a number of loan programs and down payment assistance programs available to help you achieve your homeownership dreams. Be sure to research all of your options and work with a qualified lender to find the best program for your unique situation. Don’t hesitate to reach out to me if you have any questions, or would like to start searching for your own dream home. I’m always here to help.