See which program is right for you! The CHENOA Fund Program is available in Washington. Availability: Nationwide Available Programs
CHENOA Fund Program
Washington State Housing Finance Commission (WSHFC)
Availability: Washington State
- The Washington State Housing Finance Commission (WSHFC) offers two first mortgage options and multiple Down Payment Assistance options for low to moderate income borrowers in Washington State.
- Each Down payment Assistance program offered at the Commission receives funding from different sources including, but not limited to federal funds (HOME, CDBG), state funds, city funds (housing levy) and the Commission’s Program Investment Funds.
Home Advantage
Availability: Washington State
- Down payment assistance up to 5% in a deferred 2nd lien
- Conventional, FHA, VA and USDA loan types allowed
- A property inspection is required
- Income restrictions apply
- Homebuyer education is required
House Key
Down payment assistance for all other Commission second mortgage programs including Home Advantage 1% Needs Based Option up to $10,000: (Rev. 03/01/17) DOWNPAYMENT PROGRAMS 13.4 The down payment assistance loan amount is the lesser of:
Availability: Washington State
- A) Amount of need as established by the Needs Assessment Form (based on maximum financing or on gap financing) calculated by the underwriter; or
- B) Maximum loan amount per program
- Conventional, FHA, VA and USDA loan types allowed
- Household income restrictions apply for all members over 18 years of age
- First time homebuyer restrictions
- Homebuyer education is required
- A property inspection is required
Some program restrictions and requirements apply. The type of DPA and lien position will vary for each loan program. Please contact your On Q Financial, Inc Mortgage Consultant for more information. Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 4.185%, APR of 5.132%, $6,023 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1,465. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. Loan amounts and fees will vary based on program used. Loan Amounts on FHA scenarios include an FHA 1.75% upfront fee. Loan Amounts on VA scenarios include a 2.3% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment. On Q Financial, Inc is an Equal Housing Lender. On Q Financial, Inc.0329180681Y000003h3WT
Back totop
One of the paths to generational financial stability and generational wealth is through homeownership. For most of American history, Black, Indigenous, and People of Color (BIPOC) communities have had to overcome a variety of hurdles to homeownership – many stemming from the results of systemic racism.
In fact, the Black-white homeownership gap today is just as wide as it was in 1960. According to the National Association of Real Estate Brokers (NAREB) 2020 State of Housing in Black America (SHIBA) report, “The black-white homeownership gap in 2020 was 26 percentage points, only slightly lower than the 26.8 percentage point gap in 1960, before the passage of the 1968 Fair Housing Act.”
That same report shares how the racial gaps in income and wealth is partly to blame, “In 2018, the median income for Black households was 40 percent lower than the median for White households.”
Fortunately, programs available in Washington State can overcome some of these hurdles. For example, the Washington State Housing Finance Commission has nearly a dozen downpayment assistance programs available to our state’s residents. These programs – in addition to WSHFC homebuyer education programs that use the DFI Guide to Home Loans- help Washington renters make the transition to becoming homeowners.
But many Washington residents don’t know these programs exist. To help increase awareness of the homeownership assistance available, DFI and WSHFC are partnering to promote both the homebuyer education and downpayment assistance programs.
Our hope is with a focused, concerted effort to promote these programs in BIPOC communities in our state, we can help cultivate a new generation of homeowners and establish a foundation for families to begin building generational wealth.
We’d love to have your help in promoting these programs. Any ideas you may have to help us get the word out are greatly appreciated. For more information, contact Lyn Peters, Director of Communications, Financial Education & Outreach at or (360) 349-8501.
Watch/read a recent KOMO story on this: Down payment assistance programs may be a best-kept secret for first-time home buyers | KOMO (komonews.com)