Washington Covenant Homeownership
Washington State Housing Finance Commission offers Covenant Homeownership to first-time buyers in Washington: up to 20% of the price, at most $150,000, as a deferred loan.
- Amount
- Up to 20% of the price, at most $150,000
- Kind of help
- Deferred loan
- First-time buyers only
- Yes
How is Washington Covenant Homeownership paid back?
Deferred loan: you make no payments at first; they are put off until later.
A deferred loan costs nothing each month, but the whole amount is due when you sell, refinance or pay off the first mortgage.
Who qualifies for Washington Covenant Homeownership?
- Only for buyers with pre-1968 Washington roots (themselves, a parent or grandparent) who are or were members of certain groups affected by housing discrimination.
- Only for first-time buyers (usually no home owned in the past three years).
- It comes with the Commission's Home Advantage or House Key Opportunity first-mortgage loan.
Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.
How to apply for Washington Covenant Homeownership
- Ask a lender that works with Washington State Housing Finance Commission's programs, or contact the agency, before you make an offer on a home.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- The help is paid at closing, toward your down payment and closing costs.
Read the full rules and whether it is taking applications on Washington State Housing Finance Commission's page for Covenant Homeownership.
Ask a lender about Washington Covenant Homeownership
Tell us where you're buying and a lender that works with Washington's programs can tell you whether Washington Covenant Homeownership fits you, and what you could combine with it.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in Washington
- Washington Home Advantage DPA: up to 5% of the home loan, deferred loan.
- Washington Home Advantage Needs-Based DPA: up to $10,000, deferred loan.
- Washington House Key Opportunity DPA: up to $15,000, deferred loan.
- Washington HomeChoice DPA: up to $15,000, deferred loan.
- Washington Veterans Downpayment Assistance Program: up to $10,000, deferred loan.
All Washington first-time home buyer programs · Down payment assistance in every state