As much as $60,000 in down fee help is now obtainable for some first-time homebuyers in Clark County — a chance which will turn out to be more and more uncommon.
Clark County reopened its Down Cost Help program Tuesday after this system’s first spherical of funding ran out inside a month, Clark County Treasurer Alishia Topper mentioned.
“I just encourage people to jump on this as soon as possible,” Topper mentioned.
The Clark County Council initially authorised $2 million for this system however put aside half of it for debtors who bought a house from a nonprofit housing supplier.
Now, that $1 million is open to moderate- to- low-income households.
The way it works
Certified patrons can obtain as much as $60,000 — $45,000 funded by Clark County and $15,000 contributed by the Washington State Housing Finance Fee — towards an eligible house.
The funds are near a ten % down fee on the typical Clark County house.
“That can be the difference between someone being able to get a home or not get a home,” Topper mentioned.
Households that make lower than $105,210 (or 90 % of the median earnings for a household of 4 in Clark County) and have a credit score rating of at the very least 620 could also be eligible. The house they need to buy should be $600,000 or much less, positioned in Clark County and meant to be their major residence.
The down fee help works like a second mortgage with a 2 % rate of interest and a deferred fee. No fee is due for 30 years or till the primary mortgage is paid off, or till a home-owner sells, strikes out, transfers or refinances the property, based on the county web site.
Debtors should attend a free Homebuyer Training Seminar sponsored by the Washington State Housing Finance Fee and obtain a certificates. Simply earlier than closing, they need to attend a one-on-one pre-purchase counseling session.
Individuals all in favour of this system can fill out a kind on the county’s web site. Topper recommends candidates converse to a lender or actual property agent about this system, if they’ve one already.
Attainable final push
It’s no secret that rising housing prices are making homeownership more and more unaffordable in Clark County. The median house worth in Clark County, $529,000, is up about 3 % for the reason that final time the county launched funds in March 2023, based on Regional A number of Itemizing Service stories.
Rising prices of residing and rates of interest hovering round 7 % have pushed homeownership for a lot of into the long run or completely out of attain. In 2024, the median age of a homebuyer in america was 38, based on the Nationwide Affiliation of Realtors. Within the Nineteen Eighties, the standard first-time purchaser was of their late 20s.
“It’s just becoming more difficult with the current home prices and interest rates to make those monthly payments manageable,” Topper mentioned.
Down fee help packages have been lifelines for some first-time homebuyers in Clark County. Nevertheless, it’s unsure whether or not the county will open down fee help funds sooner or later, Topper mentioned.
Native governments and state governments throughout the nation are dealing with shortfalls. Clark County’s working deficit is about $12 million for 2025.
“I think this may be the last push to try to help low-income and moderate-income households reach their goals of homeownership through (down payment assistance) in the near future,” Topper mentioned.