HOMEOWNERSHIP IS POSSIBLE WITH UP TO $150,000 IN DOWN PAYMENT AND CLOSING COSTS PROVIDED BY THE COVENANT HOMEOWNERSHIP PROGRAM
THE COVENANT HOMEOWNERSHIP ACT
Washington State offers the Covenant Homeownership Program to help eligible first-time buyers with down payment and closing costs. Assistance comes in the form of a 0% interest loan, which is added as a secondary loan to the primary mortgage. The loan is typically repaid when the home is sold or refinanced. In some cases, forgiveness may be available after five years for qualifying households.
COVENANT HOMEOWNERSHIP ACT
The Covenant Homeownership Act (Washington HB 1474, passed in 2023) is a state law created to address the impacts of historical housing discrimination in Washington. Through this Act, the state established the Covenant Homeownership Program to offer down payment and closing cost help in the form of 0% interest loans. It’s aimed at repairing the harms caused by racially restrictive covenants and other discriminatory practices that denied homeownership to many people of color. The program officially launched on July 1, 2024.
What is it?
To be eligible, applicants must meet multiple criteria under the Covenant Homeownership Act. Key qualifications include being a first-time homebuyer; having a household income at or below 100% of the Area Median Income (AMI) for their county (recently increased to 120% under updates in 2025 in some cases). Also, the applicant—or a parent, grandparent, or great-grandparent—must have lived in Washington State before April 1968, and that person must be from a racial or ethnic group specifically identified in the program (such as Black, Hispanic/Latino, Native American/Alaska Native, Native Hawaiian or Pacific Islander, Korean or Asian Indian)
Who Qualifies?
For us, this program is more than policy—it’s personal. Mark’s wife, Cynarah, is a Latina immigrant and the first in her family to own a home. Her journey has shown us both how meaningful, and sometimes difficult, the path to homeownership can be for people of color. Mark is inspired by her story, and together we are committed to helping more families from historically disadvantaged communities achieve the dream of owning a home. The Covenant Homeownership Program creates new opportunities for equity in housing, and we’re proud to share it with our clients.
Why We Want to Help?
Give us a call or lookout for one of our webinars to learn more about the program. Even if you aren’t eligible for the Covenant Homeownership Program, if you’re a first-time homebuyer, there are other options that may help make your dream of homeownership a reality.