Washington Down Payment Assistance for First-Time Homebuyers
My favorite part of being a REALTOR® is when I get to help folks who never thought they’d be able to buy a home, buy a home.
The Washington Real Estate Market continues to thrive with new people moving here to enjoy all the pacific northwest has to offer, but with that comes the unfortunate side effect of a rise in housing costs. With the median home price in Washington hitting $587,300 (in March 2023), it’s easy to feel intimidated by the thought of coming up with a down payment, but don't let that stop you from pursuing home ownership. In most scenarios, home prices will increase faster than incomes, so the sooner you can buy into the market, the better. By the time most buyers are able to save up a 20% down payment, home prices have risen so much that they can no longer afford to buy in their preferred location.
While having a hefty down payment is an advantage in a lot of ways, there are plenty of opportunities for first time homebuyers who might not have a lot of cash on hand, and one of the best resources out there is the Downpayment Assistance Program run by the Washington State Housing Finance Commission (WSHFC). This program was created to increase housing access and affordability for the people of Washington.
Down Payment Assistance is available to qualified buyers in Washington State who have a household income of $180,000 or less, and offers a low interest loan towards a down payment, closing costs, and home buying expenses, up to 4% of the home’s purchase price. The loan is wrapped into your mortgage payment, so you don't even need to worry about making a separate payment each month.
In order to qualify for the program, buyers must attend a homebuyer education course. You can access a list of courses on their website here. I’m also a certified instructor, and teach classes at least once per quarter—feel free to get in touch with me for more information and I can help you sign up! I've helped many new buyers get into homes using this program, and every single one of them is glad they did it.
Not sure if you’re ready to commit to a class yet? Let’s grab a cup of coffee and discuss! I’m always happy to have an informal conversation to help answer your questions and get you on the path to homeownership.