Down payment assistance for first time home buyers! There is a brand new down payment assistance program offered in Washington State. It allows for up to 5% of the purchase price in assistance. So if you were purchasing your first home for $300,000, you could potentially receive up to $15,000!
What if I also need money for closing costs? The great part about this new program is the assistance money can be used for BOTH down payment and closing costs. Depending on your situation and purchase price, you may still need to come up with one or two thousand dollars, but this is about as close as you’ll get to a zero down first time home buyer loan.
So do I need to REPAY the down payment assistance? NO! In the past, most of our down payment assistance programs have esentially been second loans with subsequent repayment terms. HOWEVER, this new down payment assistance program is a GRANT, which means it does not have to be repaid!
How long does the program last? It is a pilot program, so we don’t have a definitive answer as to how long it will be around. But in the past, whenever we have seen a first time home buyer program with these types of terms, the program typically doesn’t last very long. So if you want to take advantage, you should act fast!
How do I gain access to this program? In order to take advantage of this program, you need to attend one of our workshops where you will recieve a state issued certificate veryfying that you have went through the education process. Our state funded non-profit wants to make sure you are make educated decisions as a first time home buyer.
Don’t make the biggest financial decision of your life without getting educated! If you’d like to gather more information about this new down payment assistance program, or the home buying process in general, please go to our Calendar/Reservations page and sign up for one of our FREE First Time Home Buyer workshops.