City of Seattle

PRODUCT
FEATURES
HOMESIGHT PUGET SOUND REVOLVING
LOAN FUND PRODUCT
(2ND Mortgage)
Interest Rate
Below 80% median income: Rate is 1.5% above 1 mortgage rate
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Above 80% median income: Rate is 2% above 1 mortgage rate
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Term
CITY OF SEATTLE HOPE LOAN PRODUCT*
(3rd Mortgage; *Administered by City of
Seattle Office of Housing or HomeSight)
3% Simple Interest (3.012% APR)
Maximum Amount
Up to $60,000 based on need and eligibility.
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2 & 3 combined assistance amount can’t exceed $95,000
Deferred Payment Loan. No payments first 30 years.
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Interest accrues but is not due until 30 year, upon sale, transfer
of title, transfer of use, or cash refinance.
Shared Appreciation-percentage of equity is paid to down
payment assistance provider when the home is sold, cash
refinance, transfer of use or transfer of title. Shared Appreciation
is 0% after year 10.
Up to $70,000 based on need and eligibility*.
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2 & 3 combined assistance amount can’t exceed $95,000
Loan Fees
$200 or 2% of total assistance, whichever is greater
None
30 year conforming fixed rate mortgages
30 year conforming fixed rate mortgages
First Time Buyer
Up to 120% Median Income Based Upon Household Size:
1 person household-- $ 74,100
2 person household-- $ 84,700
3 person household-- $ 95,300
4 person household-- $ 105,850
No ownership of principal residence within past 3 years.
Up to 80% Median Income Based Upon Household Size:
1 person household-- $44,750
2 person household-- $51,150
3 person household-- $57,550
4 person household-- $63,900
No ownership of principal residence within past 3 years.
Occupancy
Must reside in property as primary principal residence.
Must reside in property as primary principal residence
Education
Requirements
Must complete HomeSight’s Educational Curriculum & Financial
Assessment.
Must complete HomeSight’s Educational Curriculum & Financial
Assessment.
Buyer Cash Required
$2,500 or 1% of purchase price, whichever is greater. Some
funds may be received in a gift.
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Must purchase within Seattle City limits defined as 145 in the
North, Roxbury in the SW. Call for south Seattle limit.
Fee simple properties only including single unit homes, town
homes, condos or manufactured homes permanently affixed to
real property. Must pass inspection by HomeSight-approved
State Licensed Home Inspector.
$2,500 or 1% of the purchase price, whichever is greater.
Some funds may be received in a gift.
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Must purchase within Seattle City limits defined as 145 in the
North, Roxbury in the SW. Call for south Seattle limit.
Fee simple properties only including single unit homes, town
homes, condos or manufactured homes permanently affixed to
real property. Must pass inspection by HomeSight-approved
State Licensed Home Inspector.
Maximum Purchase
Price
None
Occupancy
Property must be vacant or owner-occupied at time of showing.
Purchase price guidelines are $288,000 for existing homes,
$294,000 for new homes. Purchase price guidelines conform to
HOME purchase limits.
Property must be vacant or owner-occupied at time of showing.
30-year Amortizing Loan.
Monthly payments of Principal and Interest.
Due upon sale, transfer of title, transfer of use, or cash refinance.
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Eligible 1 Mortgage
BORROWER
ELIGIBILITY
2014 Income
Eligibility
Requirements
as Published by HUD
Eligible Properties
PRODUCTS SUBJECT TO CHANGE/AVAILABILITY AT ANY TIME.
Revised 9/30/2014