Mortgage Assistance Program

RECEIVE UP TO $20,000 IN

DOWN PAYMENT ASSISTANCE

The City of Spokane offers deferred payment and forgivable loans to help lower-income households purchase their first home in one of the City’s 13 Community Development Neighborhoods.

WHAT HELP CAN I RECEIVE?

Buying an existing home? You can receive up to a $10,000 2^nd mortgage loan plus a $5,000 supplemental loan!

Buying a newly constructed home? You can receive up to a $15,000 2^nd mortgage loan plus a $5,000 supplemental loan!

WHAT DO I HAVE TO PAY?

No payments are required for 10 years. We forgive (GRANT!) up to $10,000 for buying an existing home or up to $15,000 for buying a newly constructed home over 10 years. If you added a supplemental loan, wait 10 years before making monthly payments of only $50!

HOW DOES THIS HELP ME AFFORD A NEW HOME?

Using the city’s down payment assistance loan means you borrow less money from the bank. A smaller mortgage has lower monthly payments. Also, make no payments on your City loan for 10 full years and gain equity in your home as your City loan is forgiven.

WHAT ARE THE BASIC PROGRAM REQUIREMENTS?

Be a first-time homebuyer.

Buy your home in a Community Development Neighborhood.

Have gross annual income less than 80% of Area Median Income.

Keep the home as your primary residence and comply with simple requirements in your loan agreements.

WHERE CAN I GET MORE INFORMATION?

Spokane Neighborhood Action Programs’ homebuyer assistance program, delivers these Down Payment Assistance program benefits to you! Contact SNAP for more information.

Spokane Neighborhood Action Programs

456-7106

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