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Seattle Downpayment Assistance Program

Washington

Available Assistance

The Seattle Downpayment Assistance Program is a second mortgage loan program that combines with the Home Advantage first mortgage loan program. Under the program, qualified borrowers purchasing within the city limits of Seattle are allowed up to $45,000 in assistance with payments deferred for 30 years, at 3 percent simple interest.Funds may be used for down payment and closing costs. The borrower’s down payment requirement is 1 percent of the purchase price or $2500, whichever is greater.

Eligibility Requirements

Eligibility RequirementsThere is Shared Appreciation requiremen for the first 9 years.Borrowers must fall within the following income limits:-- 1 person household: $48,550-- 2 person household: $55,450-- 3 person household: $62,400-- 4 person household: $69,300-- 5 person household: $74,850-- 6 person household: $80,400-- 7 person household: $85,950-- 8 person household: $90,300The purchase price limit on new and existing construction is $354,000.The home must not have been occupied by a tenant within 90 days of the purchase and sale agreement.Borrowers must be a first-time homebuyers and the home being purchased must be their principal residence and owner-occupied.All borrowers must attend a free Homebuyer Education Seminar* sponsored by the Washington State Housing Finance Commission and receive a certificate. Online Homebuyer Education will not meet the seminar requirement for this program.

Property Guidelines

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