The program described above has an income limit of $215,000.
We also have a program with NO INCOME LIMIT. The Pathways program provides up to $50,000 Down Payment Assistance. The Pathways program has second mortgage that charges interest and has a monthly payment.
Either way, we believe we offer some of the most amazing Down Payment Assistance programs available.
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Down Payment Assistance (DPA) programs provide financial support to homebuyers who may struggle to come up with the required down payment for a home purchase. These programs can come in the form of low-interest loans, no-interest loans, and tax credits.
Eligibility for down payment assistance programs varies depending on the specific program and location. However, common qualifying factors include:
First-Time Homebuyers: Many (but not all) programs are specifically designed for first-time buyers who meet certain income and purchase price limits. A First Time Home Buyer is defined as someone who has not owned a home in the past three years. Additionally, some programs only require that one of the borrowers be a First Time Home Buyer. That said, we have some programs that do not require you to be a First Time Home Buyer.
Income Limits: Some programs have income restrictions to ensure they are helping those who need it most. Income limits vary by location and household size. That said, we have some programs that do not have an income limit.
Property Type: Typically, the property must be your primary residence, and some programs may have restrictions on the type of home (e.g., single-family homes, condos). In addition, we have the capability to do an owner occupied duplex.
Credit Requirements: While some programs are flexible, others may have minimum credit score requirements to qualify. We have programs that can work with credit scores as low as 580.
Navigating down payment assistance programs can be complex, but our team is here to guide you through the process. We’ll help you determine which programs you qualify for, assist with the application process, and ensure that you have the resources needed to take advantage of these opportunities.
Down payment assistance in Washington state is primarily delivered through the Washington State Housing Finance Commission (WSHFC), which administers programs like Home Advantage, House Key Opportunity, and Veterans Down Payment Assistance. However, WSHFC doesn't work directly with buyers; you access these programs through an approved lender.
NW Capital Mortgage is a WSHFC-approved lender that specializes in pairing Washington buyers with the right down payment assistance program. We offer support at every step, from identifying which programs fit your financial situation to coordinating the DPA second mortgage alongside your first mortgage at closing. With extensive experience across Washington’s full range of assistance options, including programs with no income limit, we’re equipped to help you maximize every dollar of assistance you’re eligible for.
NW Capital Mortgage also offers a proprietary down payment assistance program that often works for clients who do not qualify for other DPA programs.
Don’t let the down payment hold you back from owning your dream home. Contact us today to learn more about our down payment assistance programs and how we can help make your homeownership journey a reality.