It’s not just for
First Time Buyers!
For many people, the cash downpayment required to buy a home is a significant hurlde.
We lower this barrier by offering downpayment assistance loans for homebuyers who use our mortgage programs (Home Advantage and House Key).
As always, we encourage you to take a Homebuyer Education Class and to connect with a trained lender, who knows all about the programs.
How can I get
Downpayment assistance is only for homebuyers who use either Home Advantage or Opportunity. If
You are probably eligible!
How much $ can I get ?
It varies by program, but $10,000 is the average amount for the typical homebuyer.
Is this a loan that
I pay back?
Yes. The interest rate is very low, from 0-4%, depending on the program. It will be wrapped into your mortgage, so you will not have two bills to pay. Also, most of the downpayment loans are “payment deferred” – meaning that no payment is due until the mortgage is paid off, or until you sell, transfer, move out or or refinance the property.
How do I know which
loan is right for me?
Ask your lender! Some programs are available Statewide, while others are specific to Seattle, East King County, Bellingham, Tacoma, or Pierce County. You can complete a quick online form with information about your location, household size, and income.
You will get a reply with recommendations just for you!
Don’t Seattle Homebuyers get more money than elsewhere?
The Seattle Downpament Assistance Program is a second mortgage loan program that combines with the Home Advantage or Opportunity first loan program. This program is for qualified borrowers purchasing within the city limits of Seattle.
This program allows up to $55,000 in downpayment assistance with payments deferred for 30 years, at 3% simple interest!
In a Hurry?
Just Need More Info?
Updated March 12, 2019