Downpayment Assistance Program
Up to $40,000 for people buying within the city limits of Bellingham
Bellingham downpayment assistance is a second mortgage loan program that combines with the Home Advantage or House Key Opportunity first mortgage loan program. This program is for people buying within the City of Bellingham limits. This program allows up to $40,000 in downpayment assistance with payments deferred for 30 years, at 3% simple interest.
Eligibility Requirements
You are a first-time homebuyer and the home you are purchasing must be your principal residence and owner-occupied. The definition of a first-time homebuyer is that you have not owned a home anytime in the past three years
MAXIMUM INCOME LIMITS
HOUSEHOLD SIZE
HOUSEHOLD INCOME LIMIT
1
$44,350
2
$50,650
3
$57,000
4
$63,300
5
$68,400
6
$73,450
7
$78,500
8
$83,600
Program Requirements
You have attended a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and received your certificate. You have also attended a one-on-one pre-purchase counseling session just prior to closing. The seminar and counseling will provide you with the information you will need to purchase and maintain your first home
Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement
Funds are to be used for downpayment and closing costs based upon need. The Borrowerâs minimum downpayment requirement is $2500 or 1% of the purchase price, whichever is greater. Gift funds of up to 25% of the requirement are allowed
The maximum purchase price does not exceed: Single-Unit (Detached, Attached & Manufactured): $360,050 Condominium: $234,413
Your household income must not exceed the limits below:
PARTICIPATING LENDERS
LENDER NAME
COMPANY
PHONE NUMBER
EMAIL
Josh Henry, NMLS# 399700
Caliber Home Loans, Inc.
360-224-0841
joshua.henry@caliberhomeloans.com
Hendor Rodriguez, NMLS# 404085
Caliber Home Loans
360-543-8511
hendor.rodriguez@caliberhomeloans.com
Carla Lee, NMLS # 176752
Peoples Bank
360-848-7216
Carla.Lee@peoplesbank-wa.com
Nicole Walker, NMLS # 116574
Umpqua Bank
360-672-5301
NicoleWalker@umpquabank.com