Are you a first-time homebuyer with deep roots in Washington State? The Covenant Homeownership Program (CHP) could be your key to making homeownership a reality. Starting in July 2024, this program offers vital financial assistance to eligible homebuyers, helping to cover downpayments and closing costs. Here’s everything you need to know.
What is the Covenant Homeownership Program?
The Covenant Homeownership Program provides downpayment and closing cost assistance in the form of a 0% interest loan, secondary to your primary mortgage. This loan only needs to be repaid when you sell or refinance your home, making it a flexible and supportive option for first-time homebuyers.
Who is Eligible?
To qualify for the CHP, you must:
- Be a first-time homebuyer. (This has a very loose definition, you may qualify if you previously owned while married but you are now single, or if your spouse has not owned a home before, or if you have not owned a home in the past three years).
- Have a household income at or below 100% of the Area Median Income (AMI)--currently at $180,000.
- Have a parent, grandparent, or great-grandparent who lived in Washington before April 1968 and belonged to one of the specified racial or ethnic groups impacted by historical housing discrimination in Washington (Black, Hispanic, Native American, Alaska Native, Native Hawaiian or other Pacific Islander, Korean, or Asian Indian).
These criteria are designed to address and rectify the lasting impacts of historical housing discrimination.
Additional Resources
Even if you don’t qualify for the Covenant program, there are still plenty of resources available to help you achieve your homeownership dreams. Most homebuyers earning under $180,000 annually can access financial assistance through the Housing Finance Commission’s range of downpayment or closing cost assistance programs.
Get Started Today!
The Covenant Homeownership Program represents a significant step forward in addressing housing and generational wealth inequities and making homeownership accessible to more people in Washington State. If you think you might qualify or want to learn more about this fantastic opportunity, don’t hesitate to reach out.
Call us today at (253) 237-2673. Let’s make your homeownership dreams a reality!
For more information, visit the Washington State Homeownership Hotline website at www.homeownership-wa.org.