Down Payment Assistance Program

What is Down Payment Assistance Program?

Down Payment Assistance Program is a deferred second loan for homebuyers in Wenatchee, Washington.

• Columbia Valley Affordable Homeownership down payment assistance program — funded by HUD HOME, Washington State Housing Trust Fund, and CVAH revolving loan fund for first-time homebuyers in north-central Washington (Chelan, Douglas, Okanogan, Grant counties).
• Deferred 0% second mortgage providing typically $5,000-$30,000 in down payment and closing cost assistance for income-qualified first-time homebuyers purchasing a primary residence in Chelan, Douglas and surrounding Columbia Valley counties. Funded by HUD HOME, state Housing Trust Fund and CVAH's revolving loan fund. No monthly payment.
• principal due on sale, refinance with cash-out, or when no longer primary residence.
• Funding comes from Federal, HUD, HOME, State, HTF, and Local.

Do you have to pay it back?

Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven over HUD HOME affordability period and payable on sale, refinance with cash-out, or vacating primary residence.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income $54,050 (1 person) to $101,950 (8 person) per HUD HOME 80% AMI for Wenatchee MSA.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Down Payment Assistance Program caps the purchase price as follows: Subject to HUD HOME maximum sales price for area; verify current limit with CVAH.

• Eligible property types include Single-family detached, condo, townhouse, manufactured on land.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Down Payment Assistance Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Down Payment Assistance Program serves buyers purchasing in Wenatchee, Washington.

• The program targets specific areas: Chelan, Douglas, Okanogan, and Grant counties (north-central Washington / Columbia Valley).

How do you apply?

Applications for Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through CVAH HUD-approved homebuyer education or eHome America 8-hour course.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply via CVAH; first-come first-served subject to annual HOME / HTF allocation, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.