How much do I need to buy?

Many have the preconceived notion that you need 20% to purchase a home. With higher costs of living and inflation, home-ownership may feel like an unattainable goal. Washington State has two great programs that will leave you feeling optimistic and ready to conquer your real estate goals.

But don’t worry... You can still buy.

When prices are high, competition is low. If you can make the finances work, you have a better chance of nabbing the home you want without competing offers from other buyers. Another benefit? Lower competition means homes are staying on the market longer. When that happens, home sellers are more willing to negotiate contract terms—and even their asking prices.

Ready to make your home ownership dream a reality? Here's how:

1. One+

This down payment assistance program offers a grant of up to 2% of the purchase price of the home (leaving a 1% contribution from the buyer) at no cost to the buyer. Also, the buyer gets the benefit of competitive rates and no mortgage insurance! Buyer must make at/less than 80% of the County Area Median Income (“AMI”) and the total purchase price of the home must be at/less than $350,000.

2. Aurora

This down payment assistance program offers a grant for the full down payment amount on an FHA first-time home buyer loan. No income restrictions, no geographic restrictions, no purchase price restrictions – and, depending on a buyer’s qualifications, the grant may be repayable over time or entirely forgiven after three years of timely payments.