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Bellingham Downpayment Assistance

Washington

Available Assistance

The program allows up to $40,000 in down payment and closing cost assistance with payments deferred for 30 years, at 3 percent simple interest. The borrower is required to contribute a minimum down payment of $2500 or 1 percent of the purchase price, whichever is greater (gift funds of up to 25 percent of the requirement are allowed). There are no monthly payments for this loan, and the balance is due when the home is sold, refinanced, transferred, paid off, or no longer serves as the borrower's primary residence.

Eligibility Requirements

In order to be qualify for the Bellingham Downpayment Assistance Program, applicants must be first-time homebuyers. They must attend a one-on-one pre-purchase counseling session just prior to closing, as well as a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission. Online Homebuyer Education will not meet the seminar requirement for this program.

Property Guidelines

The property being purchased must serve as the borrower’s principal residence and must be owner-occupied. Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement. The purchase price limit on new and existing constructions is $299,025.

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