First-time homebuyer programs in Washington

Find Down Payment Assistance Programs in Washington State

Check your eligibility at the Down Payment Resource Center provided by Leland Cameron. Tell us where you're looking and answer a few questions about your household and see how many programs may match your circumstances.

Home Advantage Down Payment Assistance Program

This state program is for new homebuyers - either first-time homebuyers or those who have owned in the past but do not currently own a home. Through this program, qualifying buyers can receive up to 4 percent of the first mortgage price in down payment assistance. The borrower must attend a free five-hour homebuyer education course in order to qualify. First-time homebuyers in Washington may be able to qualify for a reduced interest rate with the help of the Home Advantage program.

The requirements are quite simple:

• Minimum credit score: 620

• Maximum debt-to-income (DTI) ratio of 50%

• Annual earnings under $180,000

House Key Opportunity Program

The House Key Opportunity program is intended for homebuyers with lower incomes who are also utilizing particular down payment assistance programs. Depending on which county you wish to buy and the size of your household, the income thresholds range from $100,000 to $175,000. You can’t spend more than a certain amount on the home you want to buy, which can vary depending on where it is, with the statewide limit set at $647,200. The biggest benefit of House Key Opportunity program is a more competitive interest rate, which is even cheaper with FHA, VA, or USDA loans, similar to Home Advantage. If your income is below 80% of the area median income (AMI) for a conventional loan, you may be eligible for an interest rate discount.

Veterans Down Payment Assistance in Washington

Veterans may also be eligible for up to $10,000 in down payment assistance, structured as a second mortgage. The mortgage payments are deferred for 30 years at a 3% interest rate. Either of the Home Advantage or House Key Opportunity first mortgage programs can be paired with this assistance as well.