Opportunity Downpayment Assistance

What is Opportunity Downpayment Assistance?

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

• Opportunity Downpayment Assistance pairs with WSHFC's House Key Opportunity bond-funded first mortgage to serve lower-income first-time homebuyers. Provides up to $10,000 at 1% simple interest, deferred. Income and sales price limits are tighter than Home Advantage but the underlying first-mortgage rate is typically lower due to tax-exempt bond financing.
• Up to $10,000 in down payment assistance paired with WSHFC's House Key Opportunity bond-funded first mortgage. 1% simple interest, deferred, with no monthly payments.
• principal and accrued interest due at sale, refinance, transfer, or end of first mortgage. Designed for first-time homebuyers with lower incomes (approximately $67,600-$121,150 depending on county). Pairs with the lower-rate House Key Opportunity first mortgage funded by tax-exempt bonds.
• Funding comes from WSHFC bond proceeds and program funds.

How much assistance does it provide?

Opportunity Downpayment Assistance offers up to $15,000 in assistance.

• Buyer contribution: No minimum borrower contribution.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Opportunity 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?

Opportunity 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?

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

• Income limits set by House Key Opportunity bond program by county and household size; range approximately $67,600 (1-2 person, lower-cost county) to $121,150 (3+ person, higher-cost county). 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?

Opportunity Downpayment Assistance caps the purchase price as follows: Subject to House Key Opportunity IRS bond sales price limits by county and target/non-target status.

• 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?

Opportunity 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?

Opportunity Downpayment Assistance serves buyers purchasing in Statewide, Washington.

• The program targets specific areas: IRS-designated qualified census tracts and areas of chronic economic distress in Washington; in target areas, first-time-homebuyer requirement waived and higher income/sales price limits apply.

How do you apply?

Applications for Opportunity 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 (5-hour course).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lender reserves via WSHFC online lender portal alongside House Key Opportunity 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.