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House Key Plus SeattleSeattle Downpayment Assistance Loan Program

The Seattle Downpayment Assistance Program is a second mortgage loan program that combines with the Home Advantage or Opportunity first mortgage loan program.  This program is for qualified borrowers purchasing within the city limits of Seattle. This program allows up to $55,000 in downpayment assistance with payments deferred for 30 years, at 3% simple interest. 

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 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.

USE OF FUNDS

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.

MAXIMUM INCOME LIMITS as of 05/22/2017

To be eligible for the Seattle Downpayment Assistance Loan Program, your household income must not exceed these limits:

1 person $53,760 | 2 person $61,440 | 3 person $69,120 | 4 person $76,800
5 person $82,960 | 6 person $89,120 | 7 person $95,280 | 8 person $96,000

MAXIMUM PURCHASE PRICE as of 05/22/2017

New and existing construction home limit is $450,000.

PARTICIPATING LENDERS

We would like to thank the following Lenders for their participation in the Seattle Downpayment Assistance Loan Program:
Verify a mortgage company or individual:
www.nmlsconsumeraccess.org

Kate Beck, NMLS #582875, HomeStreet Bank, 206-898-7100, Kate.Beck@HomeStreet.com

Cristie Stapp, NMLS #233065, Guild Mortgage, 206-310-3402, Cstapp@guildmortgage.net

Jeff Wood, NMLS #698240, HomeStreet Bank, 206-369-8939, Jeff.Wood@HomeStreet.com

Susan Romei, NMLS #487522, Umpqua Bank, 206-664-6435, SusanRomei@UmpquaBank.com

Karin Koenig, NMLS #117039, Eagle Home Mortgage, 425-822-6783, home@loanteamforyou.com 

QUESTIONS

If you have questions about the Seattle Downpayment Assistance Loan Program, please contact Dietrich Schmitz at 206-287-4459 or toll free at 800-767-4663, Ext. 459, or by e-mail dietrich.schmitz@wshfc.org.

    

 
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