Downpayment Assistance Program

Downpayment Assistance Program is a deferred second loan for homebuyers in Seattle, Washington. City of Seattle Office of Housing Downpayment Assistance Program — funded by HUD HOME and the Seattle Housing Levy. Provides 0% deferred second mortgages to first-time homebuyers purchasing within the City of Seattle. Typically delivered via Office of Housing partner agencies (HomeSight, Habitat for Humanity Seattle, etc.). Deferred 0% second mortgage of typically $10,000-$55,000+ for income-qualified first-time homebuyers purchasing a primary residence within the City of Seattle. Funded by HUD HOME and the Seattle Housing Levy through the Seattle Office of Housing. Often delivered via partner agencies (HomeSight, Habitat for Humanity Seattle, etc.). No monthly payment. loan due on sale, refinance with cash-out, transfer of title, or when home ceases to be primary residence (typically 30-year deferred). Funding comes from Federal, HUD, HOME, Local, and Seattle Housing Levy.

Downpayment Assistance Program is forgiven after 30 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven over HUD HOME affordability period and full principal due on sale, refinance with cash-out, transfer of title, or when home ceases to be primary residence (typically 30-year deferred soft-second). 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.

Downpayment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: HUD displaced-homemaker / single-parent exceptions apply. On credit, the program states: 620 minimum FICO typical; first-mortgage lender overlays apply. A homebuyer education course is required, through HUD-approved homebuyer education — HomeSight, Urban League of Metropolitan Seattle, Solid Ground or eHome America 8-hour course. Residency requirement: Property must be within City of Seattle corporate limits; owner-occupied primary residence. Citizenship or immigration status: U.S. citizen or qualified non-citizen (per HUD HOME rules). First-time homebuyer (HUD displaced-homemaker / single-parent exceptions apply). Property must be within City of Seattle corporate limits. Owner-occupied primary residence. HUD-approved homebuyer education required. Income $84,320 (1 person) to $159,120 (8 person) per HUD HOME 80% AMI for King County / Seattle. Borrower minimum $2,500 own-funds contribution typical. Often delivered via Office of Housing partner agencies.

Downpayment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Household income $84,320 (1 person) to $159,120 (8 person) per HUD HOME 80% AMI for King County / Seattle. 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.

Downpayment Assistance Program caps the purchase price as follows: Subject to HUD HOME maximum sales price for King County (existing/new); verify current limit with Office of Housing. Eligible property types include Single-family detached, condo, townhouse, 2-4 unit (with owner-occupancy). New construction is eligible. Manufactured homes are not eligible.

Downpayment 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.

Downpayment Assistance Program serves homebuyers purchasing in Seattle, Washington. The program targets specific areas: City of Seattle corporate limits.

Applications for Downpayment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via Seattle Office of Housing partner agencies (HomeSight, Habitat for Humanity Seattle, etc.); subject to annual Office of Housing allocation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.