How Much Do You Need for a Down Payment in King & Snohomish Counties?

Real Estate

How Much Do You Really Need Saved for a Down Payment in King & Snohomish Counties — and Could You Qualify for Assistance?

Quick answer:
You don’t need to save six figures to buy a home in King or Snohomish County. With today’s Down Payment Assistance (DPA) programs, many of my clients purchase with as little as 0%–3% down — and often much less than they expected.

The Truth About the “20% Down” Myth

If you’re like most buyers I meet, you’ve probably heard you need 20% down to buy a home.
In our market, that would mean:

Home Price	20% Down	10% Down	5% Down
$750,000	$150,000	$75,000	$37,500
$850,000	$170,000	$85,000	$42,500
$900,000	$180,000	$90,000	$45,000

That’s a lot of money — and it’s exactly why so many people think homeownership is out of reach.
But here’s the good news: you don’t need 20% down. Most of my first-time and move-up buyers qualify for programs that let them buy with much less saved.

What Homes Actually Cost Right Now

As of fall 2025, the median home price in King County sits around $870,000, while Snohomish County averages between $740,000 and $850,000 depending on the city and type of home.

If you’re looking in Bothell, Lynnwood, Everett, or Renton, those numbers probably sound familiar.
At those prices, saving 20% could mean putting aside $150,000 or more — but with DPA programs, that number can shrink dramatically.

What Down Payment Assistance (DPA) Really Is

Down Payment Assistance (or “DPA”) helps buyers cover some or all of their down payment and closing costs.
These programs can come from the Washington State Housing Finance Commission (WSHFC), credit unions, or community partners. Many are 0% interest and payment-deferred until you sell or refinance your home.

Here are a few that I help clients explore:

WSHFC Programs

Home Advantage DPA – A 0% interest, deferred loan that helps with your down payment.
Needs-Based DPA – Extra assistance for households with lower incomes.
Opportunity DPA – Up to $15,000 at just 1% interest, deferred for 30 years.
Covenant Homeownership Program – A new initiative helping historically underserved buyers access funds for their first home.

Local & Lender-Based Programs

Credit union and nonprofit options that can provide additional funds or match your savings toward a home purchase.
Employer and community-based grants that may help first-time buyers in specific cities or professions.

How DPA Changes What You Need to Save

Here’s a real example I often walk clients through:

If you’re buying an $800,000 home, a DPA program that covers 4% of your loan could give you $32,000 toward your down payment or closing costs.
That means instead of needing $160,000 saved, you might only need $25,000–$40,000 — sometimes even less, depending on your lender and first-mortgage option.

It’s the difference between waiting years to buy and being able to purchase a home this year.

How I Help My Buyers Use DPA

Every buyer’s situation is unique — income, credit, location, and timing all play a role.
I help you:

Understand which programs you qualify for right now.
Connect with approved lenders who offer DPA-friendly loans.
Structure your offer to take advantage of every available credit or incentive.

You don’t need to figure this out alone.
If you’d like to explore what’s available, I’ve made it simple to start here:
Check Down Payment Assistance Options — Rebecca Locke

What I Want You to Remember

You don’t need 20% down — 5% or even less is often enough.
Washington has real, active programs that can help cover part of your costs.
Knowing your options early can save you months (and thousands of dollars).

The sooner we connect, the sooner I can help you figure out your buying power — and your best path toward homeownership.

FAQ: Down Payment Assistance in King & Snohomish Counties

Do I have to be a first-time buyer?
Not always. Some programs only require that you haven’t owned a home in the last three years.

Can I combine multiple assistance programs?
Yes — some of my clients use more than one. We’ll just need to pair them correctly with your lender.

Do these funds ever have to be repaid?
Most are deferred loans, meaning no monthly payments — and some are even forgiven after a certain number of years.

Ready to See What You Qualify For?

If you’ve been holding off on buying because you think you need a huge down payment, let’s talk.
I’ve helped many buyers in King and Snohomish Counties use these programs to get into homes they never thought they could afford.

Start here: Down Payment Resource — Rebecca Locke