Downpayment Assistance Program
Up to $55,000 for buyers within the city limits of Seattle
The Seattle Downpayment Assistance Program is a second mortgage loan program that combines with the Home Advantage or Opportunity first mortgage loan program. This program is for qualified borrowers purchasing within the city limits of Seattle. This program allows up to $55,000 in downpayment assistance with payments deferred for 30 years, at 3% simple interest.
Eligibility Requirements
You must be a first-time homebuyer (you have not owned a home in the past three years) and the home you are purchasing must be your principal residence and owner-occupied
Your maximum income does not exceed the limits below
MAXIMUM INCOME LIMITS
HOUSEHOLD SIZE
1
2
3
4
5
6
7
8
HOUSEHOLD INCOME LIMIT
$61,800
$70,600
$79,450
$88,250
$95,350
$102,400
$108,600
$108,600
Program Requirements
You have attended a Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and received your certificate
Funds are used for downpayment and closing costs based upon need. Your downpayment requirement is 1% of the purchase price or $2500, whichever is greater
Gifts are allowable up to 25% of the Borrower’s portion of the required downpayment
PARTICIPATING LENDERS
NAME
Cristie Stapp, NMLS #233065
Jeff Wood, NMLS #698240
Jeff Wood, NMLS #698240
Karin Koenig, NMLS #117039
COMPANY
Guild Mortgage
HomeStreet Bank
Umpqua Bank
Movement Mortgage
PHONE NUMBER
206-310-3402
206-369-8939
206-664-6435
(206) 459-1345
EMAIL
Cstapp@guildmortgage.net
Jeff.Wood@HomeStreet.com
SusanRomei@UmpquaBank.com
karin.koenig@movementmortgage.com