Downpayment Assistance Available to eligible Washington Home Purchasers

The Washington Bond

Even with the popular minimum 3.5% downpayment with the FHA home loan; and the 3.0% down-payment option available with the Conventional Loan, it can still be very difficult for home buyers to have sufficient funds on-hand (cash) to be able to make the downpayment requirements.

Not to despair! This is where many of our customers, working with us and their qualified lender, have been able to obtain those downpayment funds via the Washington State Housing Finance Commission's Home Advantage Downpayment Assistance Program (aka The Washington Bond)..

In a "nut-shell" the program provides a 0% no-monthly-payment Second Loan that covers the Downpayment - giving you in effect a Zero Downpayment home loan!  In fact, there are some cases where additional funds may be available within the combination of this program and the real estate transaction to almost make a zero-cash purchase possible.

Here are some of the key features you must know:

  • Household Income Upper Limit of $145,000 Annually
  • Minimum FICO Score in low 600's
  • Homebuyer Education is Required (A 5 hour-long class)
  • Must use a participating Lender
  • Must repay when your home is Sold or Re-Financed
  • Not geographically restricted like the USDA Home Loan which means Vancouver, Battle Ground, Camas - all of Clark County is eligible

Here's Vancouver Home Loan Officer Paul Thompson with more information:

Discussion: The above requirements, and a few more can be discussed with your participating lender to see more of the details on how this program may work for you.  Of course, you'll also need to qualify for the FHA or Conventional Loan program with your lender as well. To be sure the lack of geographic restriction is very helpful when comparing this loan to the USDA Rural Loan, in addition to many of the other benefits.

Note: the information on this page is deemed reliable but not guaranteed. The primary intent is to inform more home buyers of this valuable tool available to a large number of Washingtonians to purchase their first home or, for those returning to home ownership. Give John Slocum a call for more information.