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If you’ve been thinking about buying but feel stuck because of the down payment, you’re not alone.
One of the biggest myths I hear from buyers across South Snohomish and North King County is:
“I need 20% down.”
You don’t.
And in many cases, there are Washington State programs designed specifically to help bridge that gap.
Let’s break down how down payment assistance actually works and whether it could apply to you.
What Is Washington Down Payment Assistance?
Most of the programs you’ll hear about are administered through the Washington State Housing Finance Commission.
These programs are not typically grants. In most cases, they are structured as:
• Second mortgages
• Deferred payment loans
• Low interest assistance loans
That often means you may not make payments on the assistance portion until you sell or refinance the home.
The goal is simple. Make homeownership more accessible without requiring a massive amount of cash up front.
How Much Assistance Is Available?
Depending on the program and loan type, buyers may qualify for:
• Help with down payment
• Help with closing costs
• Assistance based on a percentage of the purchase price
For example, if someone is purchasing around $650,000 in parts of Snohomish County, even a 5% down payment is $32,500. That is before closing costs.
For many households, income is not the issue. The savings timeline is.
That is where assistance programs can become a powerful tool.
Who Qualifies?
Each program has specific guidelines, but generally these programs are designed for:
• First time buyers
• Buyers within certain income limits
• Buyers using specific loan programs
• Buyers who complete a required homebuyer education course
And here is something that surprises people:
First time buyer does not always mean you have never owned. It often means you have not owned in the last three years.
Many people assume they would not qualify when they actually might.
Is This Free Money?
This is where clarity matters.
Most programs are not free money. They are structured assistance loans.
That means:
• They are typically repaid when you sell
• They may be repaid when you refinance
• They may carry low or deferred interest
But if using assistance allows you to buy sooner and begin building equity instead of continuing to rent, the long term math can absolutely make sense.
Every situation is different. That is why a real conversation with a knowledgeable lender matters.
What This Means Locally
In today’s market across South Snohomish and North King County, many buyers can afford the monthly payment.
What holds them back is the upfront cash.
If down payment assistance shortens your savings timeline by years, that changes the conversation entirely.
The key is not assuming you do or do not qualify.
It is running the numbers.
The Smart First Step
There is no cost and no obligation to talk with a lender and see where you stand.
Even if you are 12 to 24 months out.
Even if you think your income may be too high.
Even if you assume you will not qualify.
The worst case scenario is you walk away with a clear plan.
The best case scenario is you realize you are closer than you thought.
Want to Explore the Details?
For full program guidelines and the most current information, you can review the official Washington down payment assistance resources here:
If you would like to talk through whether this could work for you in our local market, I am happy to connect you with a trusted local lender and help you map out the next steps.
You may be closer than you think.
