WSHFC Washington Down Payment Assistance
Is WSHFC Down Payment Assistance right for you?
If you’re looking to buy a home in Washington but need help covering the upfront costs, a WSHFC Down Payment Assistance program may be a good option for you. If you are eligible, there are a number of benefits.
Benefits of WSHFC Down Payment Assistance
- Lower Upfront Costs: Receive up to 4% or 5% of your total loan amount (and up to $15,000 or more with specialized programs) to help cover your down payment and closing costs.
- Deferred Payments: Many of these programs are structured as 0% or low-interest deferred second mortgages, meaning you don’t make monthly payments on the assistance until you sell, transfer, or refinance the home.
- Not Just for First-Time Buyers: While a few specialized programs require it, the standard Home Advantage down payment assistance is available to repeat homebuyers as well.
WSHFC Down Payment Assistance eligibility requirements
- A minimum credit score of 620
- Completion of a free, WSHFC-sponsored Homebuyer Education seminar
- Household income that falls under the program limits (typically up to $180,000 to $215,000 statewide, depending on the specific program)
- Must be paired with a WSHFC first mortgage (such as the Home Advantage or House Key Opportunity program) through a participating lender
Check out what your monthly payment could be by using our Conventional Mortgage Calculator...
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Principal & Interest (P&I)
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PMI
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Taxes & HOA
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Homeowners Insurance
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Purchase Price
Home Value
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Down Payment
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Current Mortgage Balance
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Cash Out
$
Total Loan Amount
New Loan Amount
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Home Equity After Cash Out
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Estimated Taxes & Insurance
Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
PMI
The PMI (Private Mortgage Insurance) is a mortgage lenders' protection in the event of a default. PMI is paid monthly as part of your mortgage payment to the lender. Once a borrower has paid the equivalent of the 20% down payment, PMI can be removed from the monthly mortgage payment.
Estimated Payment
$ /mo
Loan amount
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Down payment
$
Cash Out
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Home Equity After Cashout
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Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
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Mortgage insurance
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HOA dues
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Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
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WSHFC Washington Down Payment Assistance
State-specific financial support providing Washington residents with accessible pathways to achieving homeownership.
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