Down Payment Assistance Skagit County, WA

Down payment assistance is a group of program designed to help first-time homebuyers afford the initial cost of purchasing a home. In Skagit County, Washington, the program is offered by various organizations, government agencies, and non-profits, aimed at making homeownership more accessible and affordable for low-to-moderate income families.

One of the most popular down payment assistance programs in Skagit County is the Home Advantage program, offered by the Washington State Housing Finance Commission. This program provides up to 4% of the loan amount as a down payment and closing cost assistance for eligible borrowers. The program is available for first-time homebuyers and those who haven’t owned a home in the past three years. Additionally, the program requires the completion of a homebuyer education course and has income limits based on the area median income.

Another program available in Skagit County is the Skagit County Community Action Agency’s Homeownership Assistance program. This program offers financial assistance to low-to-moderate income families in the form of down payment and closing cost assistance. The program also requires completion of a homebuyer education course and has income limits based on the household size.

In addition to these programs, Skagit County also has several non-profit organizations that offer down payment assistance. One such organization is the Skagit Valley Habitat for Humanity, which provides affordable housing opportunities through their Homeownership program. The program offers a no-interest, deferred payment loan for down payment and closing cost assistance to eligible families. This loan is repayable over a period of time and is based on the family’s ability to repay.

The Skagit County government also offers a First-Time Homebuyer Loan Program for low-to-moderate income families. This program provides a low-interest loan for down payment and closing cost assistance to eligible first-time homebuyers. The loan is repayable over a period of 10 years and is based on the borrower’s ability to repay.

Down payment assistance programs in Skagit County provide a valuable resource for families looking to purchase their first home. These programs help bridge the gap between the high cost of homeownership and the limited resources of low-to-moderate income families. By making homeownership more accessible and affordable, these programs also contribute to the overall stability and growth of the Skagit County community.

If you’re considering purchasing a home in Skagit County, it’s important to explore all of your options for down payment assistance. Whether you’re a first-time homebuyer or someone who hasn’t owned a home in a few years, there’s a program available to help you reach your goal of homeownership. By working with a local non-profit, government agency, or housing finance commission, you can get the support you need to make your dream of homeownership a reality.