Most first-time buyers in Snohomish County need far less down payment than they think, and that single misunderstanding keeps a lot of qualified people renting longer than they need to. I am Becca Locke, and after 20-plus years and 500-plus closings, I have watched buyers light up when they learn the real numbers.
This page breaks down what you actually need, including the assistance programs that can shrink it further. It supports the full first-time buyer journey, which lives at First-Time Home Buyer Services Mill Creek.
You can often buy with a low single-digit percentage down, and assistance programs may cover much of even that.
So on a home, the gap between renting and owning is usually smaller than the "20 percent down" myth suggests.
Twenty percent down avoids private mortgage insurance on a conventional loan, so it is a fine goal if you have it. But it was never a requirement, and waiting years to reach it often costs more than the insurance would.
Washington runs some of the more generous first-time buyer assistance in the country, and Snohomish County has its own. Exact figures and eligibility change, so treat these as a starting point to confirm.
Program type | What it may offer |
|---|---|
State down payment assistance | A second loan toward your down payment, often repaid when you sell or refinance |
Snohomish County assistance | Deferred down payment help for eligible buyers in the county |
FHA financing | Low down payment with more flexible credit requirements |
Most programs require a homebuyer education course and have income and purchase-price limits. For the programs themselves, see First-Time Buyer Assistance Programs Snohomish County.
Important: I am a real estate advisor, not a lender or financial advisor. These figures move, and your real numbers depend on your finances and the specific home. I will connect you with local lenders who confirm exactly what you qualify for.
for home buyers
Often yes. Many conventional loans allow as little as 3 percent down for qualifying buyers, and FHA loans go to 3.5 percent. Assistance programs may lower your cash further.
No. Twenty percent lets you skip private mortgage insurance, but it has never been required. Plenty of buyers purchase with far less and remove PMI later as equity builds.
Closing costs, an inspection, and some reserves, though assistance and seller credits can offset parts of these. We map your full estimated cash-to-close before you write an offer, so nothing is a surprise.
The fastest way to stop guessing is to see your actual numbers, and that conversation is free and pressure-free. When you want to know exactly what it takes to buy in Snohomish County, call or text me directly at 206.920.6500.
