Check which programs are available to me
Washington State Housing Finance Commission (WSHFC)
First Mortgage Programs
- Covenant Homeownership Program (link)
- Benefits:
- The Covenant Homeownership Program provides downpayment and closing cost assistance for first-time homebuyers in the form of a loan, secondary to the primary mortgage loan. The loan has a 0% interest rate. It is paid back on the sale or refinancing of the home. The maximum amount of downpayment assistance is 20% of the cost of the home, or $150,000, plus closing costs (if paid by the buyer).
- Eligibility:
- The homebuyer or a parent/grandparent/great-grandparent lived in Washington state before April 1968.
- The person who lived in Washington before April 1968 is Black, Hispanic, Native American, Alaska Native, Native Hawaiian or other Pacific Islander*, Korean or Asian Indian.
- First-time homebuyer.
- Household income at or below 100% of the Area Median Income (AMI).
- Benefits:
- Home Advantage (link)
- Benefits:
- The Home Advantage Program is a loan program that many lenders use to help homebuyers purchase their home at a good interest rate. Your lender will qualify you on a typical 30-year mortgage loan program using our interest rate. This program can also offer downpayment assistance up to 4% of the first mortgage loan amount.
- Eligibility:
- Borrower income at or below $180,000 (statewide).
- Attend and obtain a certificate from a Commission-sponsored homebuyer education seminar within the last two years.
- Meet with a Commission trained loan officer and determine that you qualify for a mortgage loan according to FHA, VA, Conventional, Rural Housing Services (RHS).
- A one-unit single family home, town home, condominium, or a manufactured home.
- Benefits:
- House Key Opportunity (link)
- Benefits:
- The Opportunity Program uses the proceeds of tax-exempt bonds to provide first-time homebuyers the benefit of a lower interest rate.
- Eligibility:
- Borrower income at or below the published income limits.
- Purchase at or below published acquisition cost limits (depends on county, targeted area, and household size)
- First-time homebuyer, defined as either:
- Someone who has not owned and occupied a primary residence at any time in the past 3 years; or
- Someone purchasing in a Target Area
- Attend and obtain a certificate from a Commission-sponsored homebuyer education seminar within the last two years
- Meet with a Commission trained loan officer and determine that you qualify for a mortgage loan according to FHA, VA, Conventional, Rural Housing Services (RHS)
- Either of the following two criteria:
- Purchasing never-occupied, new construction
- Qualify for one of the following downpayment assistance programs:
- NOTE:
- If sold or otherwise disposed of within nine years of purchase, this benefit may be “recaptured” (depends on targeted areas, length of ownership, capital gains, and household income exceeding recapture limits). Please review this important information.
- Benefits:
Down Payment Assistance
Available Statewide:
Benefits:
- Assistance up to 3% or 4% of the first mortgage total or gross loan amount for borrowers using our Home Advantage Government or Conventional loan programs
- Assistance up to 5% using Home Advantage conventional or FHA.
- This second mortgage loan program has a 0% interest rate, payment deferred for 30 years.
Eligibility:
- Borrowers must qualify for the Home Advantage first mortgage loan.
Home Advantage DPA Needs Based Option (link)
Benefits:
- Assistance up to $10,000.
- This second mortgage loan program has a 1% interest rate, payment deferred for 30 years.
Eligibility:
- Borrowers must qualify for the Home Advantage first mortgage loan.
- More strict income limits (see page for details).
Benefits:
- Assistance up to $15,000.
Eligibility:
- Borrowers must qualify for the House Key Opportunity first mortgage loan.
Benefits:
- Assistance up to $10,000
Eligibility:
- Military veterans who have served our country, including:
- Persons receiving an honorable discharge or who have received a discharge for medical reasons with an honorable record.
- Members and honorably discharged former members of the Washington National Guard and Reserve; and
- Never remarried spouses and dependent children of deceased Veterans.
- Income limits (see page for details).
Benefits:
- Assistance up to $15,000.
- This second mortgage loan program has a 1.00% interest rate, payment deferred for 30 years or until home is sold or refinanced.
Eligibility:
- Buyers with a disability or disabled family member living with them.
- Income limits (see page for details).
First-time homebuyer, defined as either:
- Someone who has not owned and occupied a primary residence at any time in the past 3 years; or
- Someone purchasing in a Target Area
Covenant Homeownership DPA (link)
Benefits:
- Up to 20% down of the purchase price or appraised value, whichever is less (not to exceed $150,000 plus applicable and customary closing costs paid by homebuyer)
Eligibility:
- Borrower must be using the Covenant, Home Advantage or House Key first mortgage programs.