First-time home buyer programs in Ocean Shores, Washington — down payment assistance

Ocean Shores Down Payment Assistance

First-Time Home Buyer Programs & Down Payment Assistance in Ocean Shores, Washington

First-time home buyer programs in Ocean Shores, WA come in three shapes: a forgivable second lien with no payment, a repayable second lien that also reaches closing costs, and a refinance-cost option, each paired with a government-backed mortgage and none requiring a first-time buyer.

Check My Assistance Options Size My Down Payment

Current Program Snapshot

Current down payment assistance guidelines, updated from one source.

The snapshot below is not typed onto this page — it is pulled from one down payment assistance guideline source and refreshed when that source changes, so Ocean Shores, WA always shows the options in force.

Down Payment Help

Up to 5%

Of the purchase price

Measured on the purchase price or the appraised value, whichever is lower; the largest option covers the down payment and reaches closing costs, and the smaller options cover the 3.5% FHA minimum.

Forgivable

3.5%

Covers the whole FHA down payment

No payment and no interest on the assistance: it covers the entire 3.5% FHA minimum down payment and is forgiven after 36 on-time first-mortgage payments.

Income Limit

None

On every option offered here

No income limit on any option offered in Washington — one of the biggest advantages of this program. Earn what you earn; the assistance is sized on the price, not on your income.

Credit

640

Credit score to start

This is the lowest score that opens an option here — the forgivable second liens; the repayable options start a little higher, so a stronger score opens more choices.

Assistance options offered in Washington — how much, what it costs to carry, and the credit it takes
Option	Assistance	What you repay	Credit · mortgage · units
Forgivable second lien — three-year	3.5% of the price	Nothing after 36 on-time mortgage payments	640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units
Forgivable second lien — five-year	3.5% of the price	Nothing after 60 on-time mortgage payments	640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units
Repayable second lien — thirty-year amortization, ten-year balloon	3.5% or 5% of the price	Second lien, 30-year amortization, balloon in year 10	660+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units
Closing-cost repayable second lien	3.5% or 5% of the price	Second lien, 30-year amortization, balloon in year 10	660+ · FHA 203(b) · 1–2 units
Refinance-cost second lien (repayable)	1% to 3.5% of the balance	Second lien, repaid	660+ · FHA 203(b) · 1–4 units

Current down payment assistance snapshot · updated September 7, 2026 · five options offered in Washington · no option requires a first-time buyer · no option combines with another assistance program · owner-occupied primary residences only.

Program Notice

Nothing on this page is a Loan Estimate, an approval, a quote, or a commitment to lend. Down payment assistance eligibility, amounts, and terms depend on the first-lien program, the option, the property, the buyer’s credit and category, and full underwriting through select wholesale lenders licensed in sixteen states; the calculator’s rate is an editable benchmark and its payment an estimate. Lendmire is a mortgage broker and is never the lender, and is not affiliated with or acting on behalf of FHA, VA, USDA, HUD, or the federal government.

Ocean Shores Down Payment Assistance Guide

What down payment assistance is — and how the options differ.

The first-time home buyer programs work the same way in Ocean Shores, WA as anywhere in the footprint: a government first lien, an assistance option sized as a percentage of the price, and a set of rules about credit, units, and eligibility that decide which option fits.

For the program overview, see Lendmire’s down payment assistance program, or the statewide guide at Down Payment Assistance in Washington.

01.

Assistance covers the FHA down payment

An FHA purchase asks for a minimum investment from the buyer; the assistance covers it, measured as a percentage of the lesser of price or value, and the largest option carries a further share for closing costs and prepaids.

02.

Four shapes: grant, forgivable, repayable, refinance

The options differ in what they cost to carry: forgivable second liens with no interest and no payment, released after an on-time payment period; a repayable second lien with a balloon that reaches closing costs; and a refinance-cost option for an existing FHA loan.

03.

Credit floors, mortgage programs, and unit counts

Two-borrower files can qualify on a blended score on the second-lien options when the higher earner has the higher score and an automated approval is in hand; every borrower still needs a score of their own.

04.

Eligibility without a first-time-buyer rule

No option requires a first-time buyer, and no option carries an income limit beyond the first lien’s own rules; an Ocean Shores buyer who has owned before qualifies on credit, first lien, and property alone.

The Core Calculation

Mortgage plus assistance = the price; the shape of the assistance decides what is owed afterward

This is the whole test: the price sets the minimum investment, the option covers it, and the larger option leaves room for closing costs. The tool below applies it to your numbers and adds the FHA payment estimate.

Size My Down Payment Request a Scenario Review

Ocean Shores Market Context

Where Ocean Shores’ first-time and moderate-income buyers shop — and how the assistance fits.

Market data for Ocean Shores, WA frame the question every assistance file answers: at this price, how large is the minimum investment, and which option covers it?

These are context figures, not underwriting inputs. In most markets, the renter households are the pool the program exists for: qualified for a payment close to their rent, short the cash to close; the assistance is the bridge from one to the other.

7,302Population (ACS 2020–2024)

$383,500Median owner-occupied home value (ACS 2020–2024)

16.7%Households that rent (ACS 2020–2024)

$58,202Median household income (ACS 2020–2024)

Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.

Ocean Shores Submarkets

Distinct Ocean Shores submarkets, distinct property rules.

Where an Ocean Shores home sits changes which option can attach and what the property review asks; the submarkets below are the map most assistance files are read against.

01.

County-limit homes

In Ocean Shores, the county loan limit decides which option can attach to a larger first lien; the repayable options continue above it. Median household income in Ocean Shores sits near $58,202 on the latest Census estimate.

High-balance rules by option

Market data: U.S. Census Bureau — Ocean Shores.

02.

Manufactured homes on owned land

In Ocean Shores, a manufactured home on a fee-simple lot pairs with the assistance; the home’s width decides which option carries it. Median gross rent in Ocean Shores is about $1,284 a month — the payment many renters already carry.

Width and title decide the option

Market data: U.S. Census Bureau — Ocean Shores.

03.

Workforce condominiums

In Ocean Shores, a condominium that clears FHA project review pairs with the assistance; a building run like a hotel does not. The median owner-occupied home value in Ocean Shores runs near $383,500 on the latest Census estimate.

FHA project approval, no condotels

Market data: U.S. Census Bureau — Ocean Shores.

04.

USDA-eligible edges

For Ocean Shores buyers in USDA-eligible territory, the assistance covers what the USDA first lien does not. On a home at Ocean Shores’ median value, the FHA minimum investment comes to about $13,400 — the figure the assistance is built to cover.

Zero-down first lien, assistance for costs

Market data: U.S. Census Bureau — Ocean Shores.

05.

Townhome and PUD communities

For Ocean Shores buyers choosing a townhome for the price point, the assistance closes the down payment gap. About 17% of Ocean Shores’ households rent — roughly 638 renter households, the pool the program exists for.

Association review alongside the loan

Market data: U.S. Census Bureau — Ocean Shores.

06.

Year-round neighborhoods

In a visitor economy like Ocean Shores’, the program serves the people who staff it: a primary residence in a year-round neighborhood, the minimum investment covered. Ocean Shores counts a population near 7.3K.

Primary residences only

Market data: U.S. Census Bureau — Ocean Shores.

These are patterns, not promises: each Ocean Shores purchase is underwritten on its own appraisal, its own credit, and its own option.

How Ocean Shores Buyers Use the Program

Four ways Ocean Shores buyers put down payment assistance to work.

Down payment assistance in Ocean Shores, WA is used for more than a first purchase; these are the structures Ocean Shores buyers ask about most.

Refinance

Cover the costs of an FHA refinance

Owners in Ocean Shores with an FHA loan and little cash for a refinance use the refinance-cost option, subject to its own credit floor and combined-leverage limit.

Renovation

Buy a home that needs work with a renovation mortgage

Renovation purchases in Ocean Shores, WA qualify for the assistance on the price before repairs, so the down payment help and the repair budget close together.

Closing costs

Cover closing costs too on the larger option

The larger option exists for the Ocean Shores, WA closing where the down payment is only half the problem: it carries the minimum investment and a further share for costs.

First purchase

Buy a first home with the down payment covered

For a first purchase in Ocean Shores, the assistance closes the down payment gap; the option is chosen by credit, first lien, and eligibility category.

Assistance Sizer

Size the assistance on an Ocean Shores price before requesting a quote.

The calculator does what a loan officer’s first pass does for an Ocean Shores file — sizes the minimum investment, applies the option, builds the FHA loan with mortgage insurance, and estimates the payment — using the current program figures and an editable benchmark rate.

Editable FHA scenario with assistance

Ocean Shores FHA payment with assistance

Illustrative Ocean Shores inputs; the calculator recalculates on every change.

Purchase price

Assistance option

Your own cash toward the down payment (% of price)

Term

Rate (%) — editable benchmark

Editable benchmark: 6.71% as of September 3, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an FHA loan quote.

Property taxes (per year)

Homeowners insurance (per year)

Association dues (per month)

Gross monthly household income (optional)

Other monthly debt payments

—FHA minimum investment on this price.

—Annual mortgage insurance rate applied, and for how long.

Illustrative starting assumptions: a $385,000 price near Ocean Shores’ median owner-occupied home value (kept where an FHA first lien is realistic), the strongest assistance option offered in Washington applied against the FHA minimum investment, a thirty-year term at the current Freddie Mac benchmark, property taxes and insurance estimated for Washington (U.S. Census Bureau). Every field is editable.

Estimated total monthly housing payment

—

Principal and interest, FHA mortgage insurance, taxes, insurance and dues, on the total loan with the upfront premium financed.

—Total down payment (your cash plus assistance)

—Assistance applied to the down payment

—Assistance left toward closing costs and prepaids

—Your cash toward the down payment

—Base loan amount

—Upfront mortgage insurance premium, financed

—Total loan amount

—Principal and interest

—Monthly FHA mortgage insurance

—Taxes, insurance and dues

—Housing and total debt ratios (with income entered)

—Where the file lands

Review My Assistance Scenario Call 828-256-2183

Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not an FHA loan quote; your rate is set by the lender at lock. FHA mortgage insurance follows HUD’s published schedule for the term, leverage and loan size entered; taxes, insurance and dues are editable estimates; closing costs are not included; a repayable second lien adds its own payment, which is not shown here. Consumer mortgage lending licensed in sixteen states. Lendmire is not affiliated with or acting on behalf of FHA, USDA, HUD, or the federal government.

Down Payment Assistance vs. the Alternatives

Same buyer, four very different closings.

The right structure for an Ocean Shores, WA buyer depends on savings, credit, the first lien, and whether the help needs to reach closing costs.

Structure Comparison

Assistance on a government loan, saving the minimum, or a gift.

FHA with down payment assistance

Assistance paired with the first lien at closing: the minimum investment covered, the shape chosen by credit, first lien, and eligibility category, and the second-lien options open to repeat buyers with no income limit.

FHA with your own minimum investment

Paying the minimum investment yourself keeps the closing simplest — no second lien, no category, no course; the trade is the months or years of saving that the assistance replaces. For the first lien itself, see Lendmire’s FHA loan program.

USDA or HUD-184 with assistance

USDA and HUD-184 first liens pair with the forgivable and repayable options, which then cover closing costs and prepaids rather than a down payment the first lien does not require. For the USDA first lien, see the USDA loan program.

Where each one fits

Choose by what you have: cash for the minimum investment, family who can gift it, a USDA-eligible property, or none of those — the assistance is for the last case, and the most common one.

Typical File Components

What to prepare for an Ocean Shores scenario review.

A typical starting file for a first purchase with assistance.

Eligibility categoryProof of occupancy intent and the signed assistance application; the options offered in Washington need no eligibility category.

Credit reportA tri-merge report with a score for every borrower; the option’s floor and the first lien’s rules both apply, and a blended score may apply on the second-lien options.

Mortgage programFHA, USDA, or HUD-184 — with the county loan limit checked against the price, since only the repayable options carry a high-balance first lien.

Assets and reservesStatements showing the buyer’s own funds for anything the assistance does not cover, plus any reserves the first lien requires.

Assistance (second-lien) disclosuresOn the forgivable and repayable options, the second lien is a separate loan with its own loan number and disclosures; the repayable option carries a balloon disclosure.

Income documentationPay stubs, W-2s or tax returns, and any fixed income, read against the first lien’s rules; the assistance options themselves set no income limit.

This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the mortgage, the assistance option, the property, and the eligibility category. Nothing here is legal or tax advice.

Ocean Shores File Considerations

Local details that can change the loan.

The assistance is the easy part; the rules around it are where Ocean Shores, WA files stall. These are the ones that most often change a file’s shape.

Before You Move Forward

Use these checks to keep the Ocean Shores file clean and fundable.

Settle the option, the first lien, the property’s eligibility, and the category before the appraisal is ordered; an Ocean Shores file that clears these reads cleanly.

Know the option: confirm the option is offered in the state.
Understand the clock: keep the first lien current through the forgiveness period.
Plan for the balloon: read the second lien’s own disclosures.

The option decides what you owe afterward

A forgivable second lien costs nothing if the first lien stays current through the forgiveness period; a repayable second lien is a loan with a balloon that reaches closing costs. An Ocean Shores buyer chooses by cost to carry first and by amount second.

ii.

The forgiveness clock on the forgivable options

A forgivable second lien is released after the on-time payment period on the first lien — three years on one option, five on the other — with no interest and no payment in between; a serious delinquency inside the period keeps the lien in place.

iii.

The balloon on the repayable option

The repayable option is the only purchase option that carries a payment; in exchange it covers the most and pairs with a high-balance first lien. Its terms are set by the program, never by this page.

iv.

Blended scores for two-borrower files

An Ocean Shores, WA couple where one score is strong and the other is not may reach an option through the blended score; the rule is that the higher earner carries the higher score, and manual underwriting is off the table when blending.

Escrow holdbacks for minor repairs

An Ocean Shores home with a small repair list does not have to wait for the work before closing; the escrow holdback carries it, within the program’s cap and timeline, with an inspection when the work is done.

A Clear Process

From an Ocean Shores pre-approval to keys with the assistance in place.

The path from an Ocean Shores pre-approval to keys with the assistance in place runs through the option first and the paperwork second.

Pick the option

Every Ocean Shores file starts with the option and the first lien; the category, the education course, and the property rules are then settled around them, in that order.

ii.

Get the mortgage approved

Lendmire packages the Ocean Shores file for the first lien first, because the assistance follows its approval; the option’s floor and the first lien’s rules both have to clear.

iii.

Clear the property

Property review runs in parallel with the first lien; the Ocean Shores home is checked against the option’s rules and the first lien’s, from the unit count to the association package.

iv.

Close both loans together

Final underwriting reads the whole Ocean Shores, WA file against the first lien’s rules and the option’s; the loan funds with the assistance in place and the second lien, where there is one, recorded behind it.

Why Lendmire

A brokerage that pairs the assistance to the loan.

Pairing the right assistance to the right first lien for an Ocean Shores buyer means knowing which option the credit opens, which the property allows, and what each costs to carry — before the contract is signed.

The option, matched to the buyer

An Ocean Shores scenario is placed on the right option first — the credit tier, the first lien, and the category — and the rest of the file is then built to fit it, before anything is ordered.

ii.

The mortgage, matched to the property

An Ocean Shores file is matched to the first-lien program that carries the property — FHA everywhere, USDA or HUD-184 where they fit — and the assistance option follows that choice.

iii.

The right wholesale program

Assistance programs differ across wholesale lenders in what they offer and where; Lendmire places an Ocean Shores, WA file where its credit, its first lien, and its property read best, subject to lender program eligibility.

Client Experiences

Trusted by first-time buyers & families alike.

Verified Google Reviews

    
 
 
          Joseph Edwards 
 
 
 
 Trustindex verifies that the original source of the review is Google. Highly recommend, Cori was awesome to work with and had great communication. She was very helpful and got us through everything to close.
  
 
         K Star Real Estate LLC 
 
 
 
 Trustindex verifies that the original source of the review is Google. Cori on the Lendmire team was phenomenal! She was two steps ahead through the entire process of purchasing an investment property.  She was solving problems before anyone knew there could have been a problem.  Great communication,  great availability,  all around a great person to work with.  She is the reason our deal closed.  We look forward to working with her again in the very near future!
  
 
         Tristen Mosley 
 
 
 
 Trustindex verifies that the original source of the review is Google. Alayna Pack is very knowledgeable, helpful, communicative, and transparent. Highly recommend.
  
 
         J Mills 
 
 
 
 Trustindex verifies that the original source of the review is Google. Leigh is absolutely the best! Professional yet personable, diligent, and incredibly responsive. She was with us throughout the process and helped us secure a competitive rate. Leigh went above and beyond to make sure all of our questions were answered, and offered deep explanations for questions that arose. We felt supported through the entire process and trust her expertise completely. 5 stars!
  
 
         Tyjuana Atkinson 
 
 
 
 Trustindex verifies that the original source of the review is Google. Awesome experience!!!!!!! Leigh had our best interest at heart from beginning to the end.
  
 
         Anna Hernandez 
 
 
 
 Trustindex verifies that the original source of the review is Google. Curt Galbraith was a Great Loan Originator and goes above and beyond for his clients, working with him on this transaction was so easy. I would recommend him for any Buyers looking to Buyer or Refinance. Great Service all around
  
 
         RustynKelli Shelton 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brenda is absolutely one of the most professional hardworking lenders we have ever dealt with; she’s helped clients of ours and now us personally. Her communication is top notch, you never feel like you’re forgotten or left to figure things out on your own, great to answer questions and explain each step. Definitely recommend Brenda to walk along beside you in your purchase process!
  
 
         Isaac Alonzo 
 
 
 
 Trustindex verifies that the original source of the review is Google. As a first time home buyer Curt Galbraith was a wonderful man, he explained everything i had questions about and took time out of his day to meet up late at nights after my night shift, to explain things to me .Over all  Curt was really helpful all through closing and always there when you needed him. Thank you so much Curt for helping me through out the whole process.
  
 
         Jason Fleck 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brenda, Samantha and the Lendmire team were absolutely fantastic to work with. We had to jump through some major hurdles to get this home done, which most lenders would have gave up, they kept pushing to get this home done for us. I would absolutely recommend Brenda and team to anybody. Thank you so much for your commitment, communication, perseverance through the whole process. Jason & Brooke

Questions Ocean Shores Buyers Ask

Ocean Shores down payment assistance FAQs

The questions an Ocean Shores, WA buyer asks before requesting an assistance review, answered plainly.

Do I have to be a first-time homebuyer?

No. None of the options requires a first-time buyer; an Ocean Shores buyer who has owned before qualifies on credit, first lien, and property alone.

Is there an income limit?

No. The options offered in Washington carry no income limit beyond the first lien’s own rules; a USDA first lien has its own limits, and an FHA or HUD-184 first lien has none.

What first-time home buyer programs are available in Ocean Shores?

Assistance measured as a percentage of the price, in shapes that differ by what you owe afterward: nothing if the first lien stays current, or a second loan with a balloon. Credit, the first lien, and the property decide which fits.

Do I have to pay the assistance back?

For an Ocean Shores buyer, a forgivable second lien — it costs nothing to carry as long as the first lien stays current through the period; the options table on this page shows what each option costs to carry.

What credit score do I need?

An Ocean Shores buyer’s credit tier decides which options are open — the options table on this page shows the floor for every option offered in Washington.

Can I buy a duplex or a fourplex with assistance?

Owner-occupied small multi-unit homes qualify, with the unit count deciding the option; an Ocean Shores buyer living in one unit of a fourplex uses the option that reaches four.

Is there an option for refinancing?

For an existing FHA loan, yes — a repayable option sized on the balance, for a full refinance rather than a streamline.

Can I combine this with another assistance program?

The options do not stack with each other or with local, state, or employer programs; an Ocean Shores buyer eligible for more than one chooses the one that fits best.

What property types are eligible?

Most primary-residence property types, with the condominium’s approval, the manufactured home’s width and title, and the unit count deciding which option attaches.

What is the rate on the mortgage and on the assistance?

A scenario review produces the actual terms; the calculator here shows an estimate at a benchmark rate you can change, with the assistance sized on the price you enter.

Get Started

From a pre-approval to keys — with the assistance in place.

Request a scenario review with the price and the first lien in mind; Lendmire answers with the option, the floor, and what the file will need.

Check My Assistance Options Size My Down Payment

Continue Exploring

This guide covers Ocean Shores — for the statewide options, categories, and property rules, see Down Payment Assistance in Washington, part of Lendmire’s down payment assistance program.

Also in Washington: Federal Way · East Wenatchee · Longview · Richland · FHA Loans · USDA Loans