Down Payment Money is Available

With hope for a strong economy and potential interest rate relief ahead, opportunities remain especially promising for veterans and buyers purchasing outside Bellingham and Mount Vernon city limits, where USDA loans and zero-down programs offer lower rates and a more affordable path to homeownership.

For veterans or buyers purchasing outside Bellingham city limits who qualify for USDA loans, zero down payment options and significantly lower interest rates offered through these programs can make homeownership more attainable.

In addition to VA & USDA loan programs, I will continue to promote down payment assistance programs, especially since waiting for rates to come down before you purchase will leave you competing with many more buyers who are also waiting.

Now is the time to buy, and refinance once rates drop. Remember, If one qualifies, Washington State Housing Finance Commission has interest rates that run about 10% less than standard loan rates, and there are a multitude of down payment assistance programs ranging anywhere from $10,000 to $80,000. Click HERE to get an idea of what these programs may offer. Call me to get the names of a local trusted lender.

Another Down Payment Assistance program that needs a great deal more attention is the Covenant Homeownership Act. This program is supported by a state law passed in the spring of 2023 to support homeownership for those affected by generations of systematic discriminatory housing policies and practices by Washington State. It offers 20%, or up to $150,000, whichever is less as down payment assistance to:

•  Household with income at or below 100% of the Area Median Income (AMI).
• First-time homebuyers.
• The homebuyer (or a parent, grandparent, or great-grandparent of the homebuyer) lived in Washington state before April 1968.
• The person who lived in Washington before April 1968 is Black, Hispanic, Native American/Alaska Native, Native Hawaiian or other Pacific Islander*, Korean or Asian Indian.

I would love to help get this program the attention is deserves. Please reach out to me if you or someone you know might qualify so we may get you/them on a homeownership path.