HOMEOWNERSHIP
• Covenant Homeownership Program
• Home Advantage
• Opportunity
• MCC Reissuance
• Homebuyer Education
• Premier Lenders
• Downpayment Assistance
• Homeowners Guide
• Counseling Providers
Bellingham
Downpayment Assistance Loan Program
Disclaimer: The Commission does not endorse a person, business practice, product or service other than those of the Commission.
Bellingham downpayment assistance is a second mortgage loan program that combines with the Home Advantage or House Key Opportunity first mortgage loan program. This program is for people buying within the City of Bellingham limits. This program allows up to $40,000 in downpayment assistance with payments deferred for 30 years, at 3% simple interest.
Due to federal guidelines, the home must not have been occupied by a tenant within
90 days of the purchase and sale agreement.
You must be a first-time homebuyer and the home you are
purchasing must be your principal residence and owner-occupied. The definition
of a first-time homebuyer is that you have not owned a home anytime in the
past three years.
There are no monthly payments, with the balance due and payable when
the Borrower(s): 1) sells, refinances, transfers the property; 2) fails to maintain as principal place of residence; or 3) when the home is paid off (on or before 30 years).
You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. You must also attend a one-on-one pre-purchase counseling session just prior to closing. The seminar and counseling will provide you with the information you will need to purchase and maintain your first home.
Once you are pre-approved and your lender says you are ready to close, please contact one of the following agencies to schedule an appointment for the one-on-one pre-purchase counseling session:
Kulshan Community Land Trust 360.671.5600
MAXIMUM INCOME LIMITS as of 06/15/2023
To be eligible for Bellingham Downpayment Assistance, your household income must not exceed these limits:
| Household Size | ||||||||
| Household Income Limit | $53,760 | $61,440 | $69,120 | $76,800 | $82,950 | $89,100 | $95,250 | $101,400 |
MAXIMUM PURCHASE PRICE as of 04/19/2023
Single-Unit (Detached, Attached & Manufactured): $646,000
Condominium: $356,250
USE OF FUNDS
Funds may be used for downpayment and closing costs based upon need.
The Borrower’s minimum downpayment requirement is $2500 or 1% of the purchase
price, whichever is greater.
Gift funds of up to 25% of the requirement are allowed.
QUESTIONS
If you have questions about the Bellingham Downpayment Assistance Loan Program, please contact Dietrich Schmitz at 206-287-4459 or toll free at 800-767-4663, Ext. 459, or by e-mail dietrich.schmitz@wshfc.org.