Wednesday, May 11, 2016

Seattle Down Payment Assistance

The Seattle Downpayment Assistance Program is a second mortgage loan program that combines with the Home Advantage first mortgage loan program.  This program is for qualified borrowers purchasing within the city limits of Seattle. This program allows up to $45,000 in downpayment assistance with payments deferred for 30 years, at 3% simple interest. 
There is Shared Appreciation required for the first 9 years.  
Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement.  
You must be a first-time homebuyer and the home you are purchasing must be your principal residence and owner-occupied. The definition of a first-time homebuyer is that you have not owned a home anytime in the past three years.  
You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. The seminar will provide you with the information you will need to purchase and maintain your first home. Online Homebuyer Education will not meet the seminar requirement for this program.


Funds may be used for downpayment and closing costs based upon need. The Borrower’s downpayment requirement is 1% of the purchase price or $2500, whichever is greater. Gifts are allowable up to 25% of the Borrower’s portion of the required downpayment.


To be eligible for the Seattle Downpayment Assistance Loan Program, your household income must not exceed these limits:
1 person $46,100 | 2 person $52,650 | 3 person $59,250 | 4 person $65,800
5 person $71,100 | 6 person $76,350 | 7 person $81,600 | 8 person $86,900


New & Existing Construction Home limit $354,000

If you are an eligible first-time homebuyer interested in purchasing a Seattle home, please contact me at or call 888-621-4999 and leave your contact information.

Happy Investing!

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