Up to $60,000 in down payment assistance is now available for some first-time homebuyers in Clark County — an opportunity that may become increasingly rare.
Clark County reopened its Down Payment Assistance program Tuesday after the program’s first round of funding ran out within a month, Clark County Treasurer Alishia Topper said.
“I just encourage people to jump on this as soon as possible,” Topper said.
The Clark County Council originally approved $2 million for the program but set aside half of it for borrowers who purchased a home from a nonprofit housing provider.
The council removed that amendment after receiving no referrals from nonprofits, according to a news release. (The county found nonprofits typically limit the amount of equity homeowners receive when they sell their homes in the future, so buyers would be more interested in forgivable grants rather than the county’s 2 percent interest rate on down payment assistance loans, Topper said.)
Now, that $1 million is open to moderate- to- low-income households.
How it works
Qualified buyers can receive up to $60,000 — $45,000 funded by Clark County and $15,000 contributed by the Washington State Housing Finance Commission — toward an eligible home.
The funds are close to a 10 percent down payment on the average Clark County home.
“That can be the difference between someone being able to get a home or not get a home,” Topper said.
Households that make less than $105,210 (or 90 percent of the median income for a family of four in Clark County) and have a credit score of at least 620 may be eligible. The home they want to purchase must be $600,000 or less, located in Clark County and intended to be their primary residence.
The down payment assistance works like a second loan with a 2 percent interest rate and a deferred payment. No payment is due for 30 years or until the first mortgage is paid off, or until a homeowner sells, moves out, transfers or refinances the property, according to the county website.
Borrowers must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive a certificate. Just before closing, they must attend a one-on-one pre-purchase counseling session.
People interested in the program can fill out a form on the county’s website. Topper recommends applicants speak to a lender or real estate agent about the program, if they have one already.
Possible last push
It’s no secret that rising housing costs are making homeownership increasingly unaffordable in Clark County. The median home price in Clark County, $529,000, is up about 3 percent since the last time the county released funds in March 2023, according to Regional Multiple Listing Service reports.
Rising costs of living and interest rates hovering around 7 percent have pushed homeownership for many into the future or entirely out of reach. In 2024, the median age of a homebuyer in the United States was 38, according to the National Association of Realtors. In the 1980s, the typical first-time buyer was in their late 20s.
“It’s just becoming more difficult with the current home prices and interest rates to make those monthly payments manageable,” Topper said.
Down payment assistance programs have been lifelines for some first-time homebuyers in Clark County. However, it’s uncertain whether the county will open down payment assistance funds in the future, Topper said.
Local governments and state governments across the nation are facing shortfalls. Clark County’s operating 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 said.
