The Home Advantage Down Payment Assistance (DPA) program is offered by the Washington State Housing Finance Commission (WSHFC) to help eligible buyers cover the down payment and closing costs when purchasing a home. With loan amounts up to $10,000 or more and low interest rates, this program is a top resource for Washington homebuyers who need help with upfront costs.
❓ What Is the Home Advantage DPA Program?
Home Advantage DPA is a second mortgage loan with 0% interest and payment deferred for the life of the first mortgage. That means no monthly payments are due until you sell, refinance, or pay off the home.
This program works only when paired with a Home Advantage first mortgage—a 30-year, fixed-rate loan offered through approved WSHFC lenders. Together, they provide a reliable and affordable path to homeownership.
✅ Who Can Qualify for the Program?
To be eligible for the Home Advantage DPA, you must:
- 👨👩👧👦 Be a first-time or repeat homebuyer
- 🏡 Purchase a home in Washington state to live in as your primary residence
- 📉 Meet WSHFC’s income limits (typically $180,000 or less)
- 📘 Complete a free 5-hour homebuyer education seminar
- 💼 Work with a WSHFC-approved lender
💵 Program Benefits
- 💲 Receive up to $10,000 or more in assistance (some programs offer up to $15,000)
- 📉 0% interest with deferred payments
- ⏳ Repay only when you sell, refinance, or finish paying the mortgage
- 🔗 Combine with VA, FHA, USDA, or conventional loans
📈 Why Use This Program in Washington?
In Washington’s hot housing markets—Seattle, Tacoma, Spokane, and beyond—buyers often struggle with high upfront costs. Even when income is stable, saving $10,000–$20,000 for a down payment can take years.
That’s why the Home Advantage DPA is so valuable. It helps working families, educators, healthcare professionals, and young buyers move into homes without delay—and without depleting savings.
📝 How to Apply for Home Advantage DPA
- 📞 Connect with a WSHFC-approved lender
- 🧾 Apply for a Home Advantage first mortgage
- 🎓 Complete the required 5-hour homebuyer education seminar
- 📂 Submit financial documentation: pay stubs, ID, tax forms, etc.
- 🏠 Close on your home and receive DPA funds at settlement
📋 Key Program Requirements
- 📊 Minimum credit score: typically 620 or higher
- 📝 Income limits: up to $180,000 (depending on location and loan type)
- 🏘 Property must be in Washington and owner-occupied
- 📘 Completion of education seminar is required
🔁 Other DPA Options Through WSHFC
In addition to Home Advantage DPA, WSHFC offers:
- 🎖 Veterans DPA Program: Up to $10,000 for eligible military members
- 👩🏫 HomeChoice Program: Up to $15,000 for buyers with a permanent disability or household members with a disability
- 🎓 Opportunity DPA: Income-based option for up to $15,000
All of these DPA programs function similarly, offering 0% interest and deferred payments until the home is sold or refinanced.
💡 Tips for a Smooth Application
- 📋 Work with a lender who regularly handles WSHFC loans
- 📆 Take the education seminar early—it’s valid for 2 years
- 🧾 Gather financial documents before you start the mortgage process
- 📞 Ask your lender about combining DPA with 💵 city or employer-based assistance in Washington
🔍 Buyer Example
Jenny, a school counselor in Spokane, wanted to buy a starter home. With only $4,000 saved, she applied for the Home Advantage loan and received an additional $9,500 in down payment assistance. She deferred all payments on the second loan and secured her dream home without draining her savings.
❓ FAQs – Home Advantage DPA
📌 Is the DPA a grant?
No. It is a deferred second mortgage loan with 0% interest. You repay it only when you refinance, sell, or pay off the primary mortgage.
🔗 Can I combine this with another down payment program?
Yes. Many cities in Washington offer their own programs. WSHFC allows stacking if the other provider permits it too.
📊 What are the income limits?
Income limits vary by program and household size, but can be as high as $180,000 for Home Advantage DPA. Your lender will help you verify limits.
🏘 What homes qualify?
Single-family homes, condos, townhomes, and some manufactured homes may qualify. The property must be within Washington State and used as your primary residence.
🎯 Why Choose Home Advantage DPA?
The Home Advantage Down Payment Assistance program from WSHFC is one of the most flexible and accessible tools for Washington homebuyers. With 0% interest, deferred payments, and up to $10,000+ in assistance, it’s a strong foundation for homeownership in any part of the state.
📥 Apply Now via WSHFC Official Website
