Washington Covenant Homeownership
Washington State Housing Finance Commission offers Covenant Homeownership to first-time buyers in Washington: you could get as much as 20% of the price, with $150,000 as the cap, as a deferred loan.
- Amount
- You could get as much as 20% of the price, with $150,000 as the cap.
- Help type
- A deferred loan
- You must be a first-time buyer
- Yes
Washington Covenant Homeownership: how do you pay it back?
With a deferred loan, nothing is due at first; payments are pushed to a later date.
You pay nothing monthly on a deferred loan, yet the full balance comes due if you refinance, sell or pay the first mortgage off.
Which buyers qualify for Washington Covenant Homeownership help?
- You must have Washington roots going back before 1968, through yourself, a parent or a grandparent. You also must be or have been part of certain groups that faced housing discrimination.
- This is only for first-time buyers, which usually means you have not owned a home in the past three years.
- You pair it with a first-mortgage loan under the Commission's Home Advantage or House Key Opportunity.
Your county and household size determine most of the limits. Use our HUD income limits tool to see the median income near you and how your household compares.
Washington Covenant Homeownership: how to apply
- Don't wait until you've made an offer on a home. First contact the agency, or a lender offering Washington State Housing Finance Commission's programs.
- The lender reviews your credit, income and chosen home under program rules, then sets aside the program money for you.
- It is paid at closing and applied to your closing costs and down payment.
Check Washington State Housing Finance Commission's page for Covenant Homeownership for the full rules and whether applications are open.
Washington Covenant Homeownership: ask a lender
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.
Prefer not to call? Share your information and the lender gets in touch.
More programs in Washington for first-time buyers
- Washington Home Advantage DPA:
A deferred loan can be as much as 5% of the home loan.
- Washington Home Advantage Needs-Based DPA:
A deferred loan of as much as $10,000.
- Washington House Key Opportunity DPA:
A deferred loan can reach $15,000.
- Washington HomeChoice DPA:
A deferred loan worth up to $15,000.
- Washington Veterans Downpayment Assistance Program:
Deferred loan, capped at $10,000.
All Washington first-time buyer programs · Down payment help in every state