Downpayment Assistance FAQ
How can I get this assistance?
Our downpayment 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 $145,000), 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 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.
Programs Available Statewide Programs for Specific Areas
Home Advantage DPA
Up to 4% of the mortgage loan amount, for borrowers using our Home Advantage loan or up to 5% using our conventional HFA Preferred loan.
Home Advantage DPA Needs Based Option
Up to $10,000, for borrowers using our Home Advantage loan and under certain income limits.
Up to $10,000, for borrowers using our House Key Opportunity loan.
Up to $10,000 for military veterans who have served our country.
Up to $15,000 for buyers with a disability or disabled family member living with them.
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).
Up to $40,000 for people buying within the city limits of Bellingham.
Up to $20,000 for buyers within the city limits of Tacoma.
Up to $24,900 for people buying within the Pierce County limits.