HomeSight’s Snohomish County Loan Products and Guidelines
PRODUCT
FEATURES
HOMESIGHT PUGET SOUND REVOLVING LOAN FUND
PRODUCT (2ND Mortgage)
SNOHOMISH COUNTY LOAN PRODUCT
(3rd Mortgage)
st
Interest Rate
Term
Maximum Amount
Loan Fees
st
Eligible 1 Mortgages
Below 80% median income : Rate is 1.5% above 1 mortgage rate
st
80%-120% median income: Rate is 2% above 1 mortgage rate
30 year Amortizing Loan.
Monthly payments of Principal and Interest.
Due upon sale, transfer of title, transfer of use, or cash refinance.
3% Simple Interest 3.012% APR
Deferred Payment Loan. Payment deferred for 30 years.
Principal & Interest balloon payment due in year 30 or due 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 loan is paid-off, transfer of use or
transfer of title.
Up to $60,000 based on need and eligibility*.
nd
rd
*Total 2 & 3 combined assistance amount cannot exceed $75,000
$200.00 or 2% of total assistance, whichever is greater
30 year conforming fixed rate mortgages
Up to $15,000 (80% or below AMI) based on need and eligibility.
Up to 120% Median Income Based Upon Household Size:
1 person household-- $ 75,300
2 person household-- $ 86,050
3 person household-- $ 96,800
4 person household-- $107,550
Up to 80% Median Income Based Upon Household Size:
1 person household-- $46,100
2 person household-- $52,650
3 person household-- $59,250
4 person household-- $65,800
No ownership of principal residence within past 3 years.
Must reside in property as primary principal residence
Must complete HomeSight’s Educational Curriculum & Financial
Assessment
$2,500 or 1% of purchase price, whichever is greater.
Some funds may be received in a gift.
No ownership of principal residence within past 3 years.
Must reside in property as primary principal residence.
Must complete HomeSight’s Educational Curriculum & Financial
Assessment.
$2,500 or 1% of purchase price, whichever is greater.
Some funds may be received in a gift.
None
30 year conforming fixed rate mortgages
BORROWER
ELIGIBILITY
2015 Income Eligibility
Requirements as
published by HUD
First Time Buyer
Occupancy
Education
Requirements
Buyer Cash Required
PROPERTY
QUALIFICATIONS
Eligible Properties
Snohomish County - Fee simple properties only including single unit
homes, town homes, condos or manufactured homes permanently
affixed to real property. Home must pass inspection by a HomeSightapproved State Licensed Home Inspector.
Maximum Purchase
Price
None
Occupancy
Property must be vacant or owner occupied at time of showing.
NMLS #49289
Snohomish County, except for the Cities of Bothell and Marysville.
City of Everett funds in the Everett city limits. Fee simple
properties only including single unit homes, town homes, condos
or manufactured homes permanently affixed to real property.
Home must pass inspection by a HomeSight-approved State
Licensed Home Inspector
Purchase price max. is $331,000 for existing properties, $347,000
for new, if HOME funds. Maximum $362,790 for other funds.
Property must be vacant or owner occupied at time of showing.
PRODUCTS SUBJECT TO CHANGE/AVAILABILITY AT ANY TIME.
Revised 03/18/2015