HOMEOWNERSHIP
• Covenant Homeownership Program
• Home Advantage
• Opportunity
• MCC Reissuance
• Homebuyer Education
• Premier Lenders
• Downpayment Assistance
• Homeowners Guide
• Counseling Providers
Covenant Downpayment Assistance Loan Program
Disclaimer: The Commission does not endorse a person, business practice, product or service other than those of the Commission.
PROGRAM DESCRIPTION
The Covenant Down Payment Assistance Program is a 0.00% interest rate, payment deferred for up to 30 years loan that combines with the Commission’s first mortgage loan programs. Enacted through the Covenant Homeownership Act, it is a Special Purpose Credit Program to help homebuyers affected by racially restrictive covenants prior to April 11, 1968. Must be a first-time homebuyer and meet income and residency requirements, among other things. Borrowers must qualify for one of the Commission’s first mortgage loan programs (Covenant, Home Advantage or House Key).
MAXIMUM INCOME LIMIT as of 7/1/2024
| COUNTY | MAXIMUM |
| Adams | $72,700 |
| Asotin | $84,300 |
| Benton | $99,900 |
| Chelan | $100,300 |
| Clallam | $93,900 |
| Clark | $116,900 |
| Columbia | $101,300 |
| Cowlitz | $86,400 |
| Douglas | $100,300 |
| Ferry | $75,500 |
| Franklin | $99,900 |
| Garfield | $79,500 |
| Grant | $81,800 |
| Grays Harbor | $80,800 |
| Island | $102,000 |
| Jefferson | $88,300 |
| King | $147,400 |
| Kitsap | $119,700 |
| Kittitas | $99,800 |
| Klickitat | $84,900 |
| Lewis | $89,000 |
| Lincoln | $83,800 |
| Mason | $99,000 |
| Okanogan | $72,800 |
| Pacific | $82,400 |
| Pend Oreille | $80,300 |
| Pierce | $112,300 |
| San Juan | $104,700 |
| Skagit | $102,800 |
| Skamania | $116,900 |
| Snohomish | $147,400 |
| Spokane | $100,100 |
| Stevens | $82,800 |
| Thurston | $116,700 |
| Wahkiakum | $72,600 |
| Walla Walla | $90,200 |
| Whatcom | $106,300 |
| Whitman | $93,400 |
| Yakima | $78,600 |
Borrowers must attend a Commission-sponsored homebuyer education seminar prior to lender reserving funds. Cash back to borrowers is not allowed.
MAXIMUM LOAN AMOUNT
Maximum Loan Amount – Up to 20% down not to exceed $150,000, plus applicable and customary closing costs paid by homebuyer. The amount of downpayment assistance is based on the purchase price or appraised value of the property, whichever is less. Closing costs are based upon exact costs paid by the homebuyer.
PARTICIPATING LENDERS
See Premier Participating Lenders who have been helpful to homebuyers. A participating loan officer can help you determine how much you can afford and if this downpayment assistance program is the best fit.
QUESTIONS
If you have questions about the Covenant Downpayment Assistance Loan Program, please contact the Commission's Homeownership Division at 800-767-4633 or by email covenant@wshfc.org. .