Are you contemplating your first home purchase in Washington? Would you like a free gift of money to help you purchase that first home? Unfortunately, the state of Washington does not currently provide free grant money for its residents who are first time home buyers and need help with the down payment and closing costs as some other states do. However, there is still Federal Grant money available as well as grants from private foundations. This is free money that shouldn’t be passed up! The grant awards can be in the thousands of dollars. It will be well worth your time to educate yourself about the grant programs that are available to Washington state residents.
The agency in Washington that provides educational and financial help to first time home buyers is the Washington State Housing Finance Commission. There are currently no such grants available. They do have several home ownership programs available. To find out the specific requirements, please visit the Washington State Housing Finance Commission website page specifically describing these beneficial programs. You can find it as here.
Mortgage Credit Certificate (MCC)
Federal Income Tax Credit for Homebuyers
MCCs are not mortgages… they are tax credits that put extra cash in your pocket each month, so that you can more easily afford a house payment, which means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay.
How to Apply
Applications are accepted on a first-come, first-served basis by a statewide network of lenders. Your lender will establish all underwriting criteria, including interest rate, down payment requirement, term, fees, points, and closing costs. Your lender will submit your loan application and notify you as to whether your application is accepted. It is strongly recommended that you contact a tax professional before applying for an MCC in order to determine the potential benefits an MCC may provide for your specific tax situation.
Here is the contact information for the Washington State Housing Finance Commission:
Washington State Housing Finance Commission
1000 2nd Ave
Seattle, WA 98104
Federal First Time Home Buyer Grants
Even though there are not any state grant programs, there are federal funds and grants available to first time home buyers in Washington through the Homes and Communities program of the United States Department of Housing and Urban Development. On their website you’ll find complete grant information, application forms that can be printed from your home computer, description of available funds, as well as many other helpful tools.
Every potential first time home buyer should investigate what they have to offer. You can visit the website by going here: US Dept. of Housing and Urban Development. Also, there is a website that has a complete list of all grant programs available through the United States Federal Government: Grants.gov. You should plan to spend the required time investigating to determine how many individual grants you may qualify for. You can visit the website by going to Grants.gov and search for additional information.
Other Grants in Washington State
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant offerings designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to this website.
Here is the contact information for the HUD office in Washington state:
Seattle Regional Office
Seattle Federal Office Building
909 First Avenue
Seattle, WA 98104-1000
Phone: (206) 220-5101
Fax: (206) 220-5108
There are also these local programs:
Bremerton Down Payment Assistance Program (DAP) (360) 478-5375
Clark County Columbia Non-Profit Housing Corporation First Home Loan Program (FHLP) (360) 993-9555
Kitsap County Down Payment Assistance Program (DPA) (360) 692-5596
Kitsap County Viking’s Crest SSP Program (360) 692-5596
Lakewood Down Payment Assistance Program (DPA) (253) 589-2489
Multi-Counties Spokane Neighborhood Action Programs Eastern Washington IDA Network (IDA) (509) 456-7174
Pierce County Down Payment Assistance Program (DPAP) (253) 798-6909
Richland Down Payment Assistance Program (DPAP) (509) 942-7580
Seattle Delridge Neighborhood Development Association Down payment Assistance Program (DAP) (206) 923-0917
Seattle Down Payment Assistance Program “New Holly” Project (206) 684-0300
Seattle First Time Home Buyer Grants Program (HAP) (206) 760-4355
Spokane County Down payment Assistance Program (DPA) (509) 456-7106
Spokane County Spokane Neighborhood Action Programs State Five Program (DAP) (509) 456-7106
Spokane Down Payment Assistance Program (DPA) (509) 456-7106
Tacoma Down payment Assistance Program (DAP) (253) 591-5219
Yakima Down Payment Assistance Program (DAP) (509) 576-6326