Qualified buyers can receive up to $60,000 in assistance: $45,000 funded by Clark County and $15,000 contributed by the Washington State Housing Finance Commission
VANCOUVER – Clark County is pleased to announce the re-launch of its Down Payment Assistance (DPA) program, which will be available to eligible first-time homebuyers beginning Tuesday, Feb. 18, 2025.
The program, initially approved in August 2022, received a significant update recently when the council approved an amendment removing a stipulation that set-aside $1 million for borrowers who purchased a home from a non-profit housing provider. This opens up the program’s remaining funding – $1 million – -to all qualifying buyers who meet the program’s criteria. The stipulation was removed after the county was unable to secure referrals from non-profit housing providers during the original roll out of the program. The DPA program aims to expand affordable homeownership opportunities for moderate- to low-income households in Clark County by offering a second mortgage loan to assist with down payment costs. Qualified buyers can receive up to $60,000 in assistance: $45,000 funded by Clark County and $15,000 contributed by the Washington State Housing Finance Commission (WSHFC).
The program supports borrowers utilizing the Home Advantage or Opportunity first mortgage loan programs offered by WSHFC and is available for homes priced at or below the area median home price, currently $600,000. The loan carries a 2% simple interest rate, and repayment is required at the time of sale, transfer, refinance, when the borrower no longer occupies the residence, or after 30 years.
Eligible participants must meet the following requirements:
- Be a first-time homebuyer.
- Complete pre-purchase housing counseling and agree to attend post-purchase housing counseling.
- Have an annual household income not exceeding 90% of the area median income for a household of four.
The re-launch of the DPA program is an exciting step forward for Clark County residents aspiring to own their first home. Interested buyers who meet the program’s criteria are encouraged to learn more and take the first step toward homeownership.
For additional information about the Down Payment Assistance program, including eligibility details and application instructions, visit the county’s website at https://clark.wa.gov/treasurer/homebuyer-downpayment-assistance or contact the WSHFC at [email protected].
Information provided by Clark Co. WA Communications.
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