The 3 Best Down Payment Assistance Programs for Washington Homebuyers

By Shelby Campbell

With over two and a half decades of unwavering commitment to the mortgage industry, I am your seasoned Mortgage Loan Officer dedicated to helping individuals and families achieve their homeownership dreams.

Do you plan to buy a home but struggle to save enough to cover the down payment? Many aspiring homeowners face the same challenge. That’s why I want to share three down payment assistance programs we offer so you can explore your options and find the right program for your situation.

 1. Washington State Bond Down Payment Assistance Progam. I recommend this option to first-time homebuyers in Washington State. It allows you to cover the 3.5% FHA loan down payment through a bond instead of using your savings. To qualify, buyers must live in Washington, meet certain income restrictions, and not have owned a home recently. The great thing is that instead of needing to save up front, the down payment is repaid when the home is sold. This helps lower your initial costs, but keep in mind that you need to pay it back when you sell the house later.

This program targets moderate-income buyers who can manage monthly mortgage payments but find saving for a down payment challenging. For instance, if you earn over $200,000 a year, you likely wouldn’t qualify because the assumption is that with that income level, you should have enough to save for your down payment.

2. Chenoa Fund. This one is great because there are several different options: a repayable and a forgivable option. The repayable option has no income restriction, which means you can make as much money as you want and still qualify for this program. It works like a first and second mortgage, requiring monthly payments. It usually carries a 10-year term and an interest rate matching the first mortgage.

This one has another aspect that sometimes allows that second mortgage to be forgivable. Contact me if you want to determine which second mortgage or down payment assistance program you would qualify for a forgivable option or if you’d be making payments on that one.

3. Hoper Program. This program combines FHA solar financing with home purchases. It allows you to finance the cost of installing solar panels when you buy your home. After the solar panels are installed, the home will be appraised at its new value.

What makes the Hoper program even better is that it encourages people to go green. You can receive up to $13,000 or 3.5% of your purchase price to help with closing costs or your down payment, in addition to getting solar panels with your home purchase.

We have many more programs than those three, so if you’d like to explore more options, I’d love to chat with you and see what might suit your needs. Reach out to us at (503) 809-8898, (503) 572-8865, or shelby.campbell@fairwaymc.com.