HomeChoice Downpayment Assistance

What is HomeChoice Downpayment Assistance?

HomeChoice Downpayment Assistance is a deferred second loan for homebuyers in Statewide, Washington.

• HomeChoice Downpayment Assistance is WSHFC's disability-focused DPA program, providing up to $15,000 at 1% simple interest, deferred, to first-time homebuyers who themselves have a disability or who have a household member with a disability. It is one of WSHFC's longest-running specialty DPA programs.
• Up to $15,000 in down payment assistance for first-time homebuyers with a disability or with a disabled household member. Structured as a 1% simple interest deferred-payment second mortgage with no monthly payments.
• principal and accrued interest due at sale, refinance, transfer, or end of first mortgage. Must be paired with a WSHFC Home Advantage or House Key Opportunity first mortgage. Income limits at 80% AMI by county (approximately $122,100-$157,100). Designed to support disability-inclusive homeownership statewide.
• Funding comes from WSHFC HomeChoice program funds (Federal Home Loan Bank and other partner contributions).

Do you have to pay it back?

HomeChoice Downpayment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Due at sale, refinance, transfer of title, end of first mortgage term, or when property is no longer borrower's 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?

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

What are the income limits?

HomeChoice Downpayment Assistance limits household income to 80% of the area median income, which varies by county and household size.

• Income at or below 80% AMI for the property's county; range approximately $122,100 to $157,100 depending on county and household size. See https://www.wshfc.org/buyers/income.htm.
• The limit applies to total household income, not only the borrower’s.
• 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?

HomeChoice Downpayment Assistance caps the purchase price as follows: Subject to first-mortgage program sales price limits (Home Advantage has no cap beyond agency limits; House Key Opportunity has IRS bond price caps).

• Eligible property types include Single-family detached, townhomes, condos (agency-approved), PUDs and manufactured housing per agency guidelines.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

HomeChoice Downpayment Assistance names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers with disabilities 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?

HomeChoice Downpayment Assistance serves buyers purchasing in Statewide, Washington.

How do you apply?

Applications for HomeChoice Downpayment Assistance 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 WSHFC-sponsored Commission-Sponsored Homebuyer Education Seminar plus a HomeChoice-specific disability supplement provided by WSHFC.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lender reserves via WSHFC online lender portal alongside first mortgage reservation, 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.