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DOWNPAYMENT ASSISTANCE LOAN PROGRAM
ARCH East King County Downpayment Assistance Loan Program combines with the Home Advantage first mortgage loan program. This program is for qualified borrowers purchasing a home or condominium within an ARCH member city.
ARCH DOWNPAYMENT ASSISTANCE PROGRAM DESCRIPTION
This program allows up to $30,000 in downpayment assistance at 4% simple interest. There are no monthly payments with the balance due and payable when the Borrower(s) 1) sells, refinances, transfers the property; 2) fails to maintain as principal place of residence; or 3) when the home is paid off (on or before 30 years).
You do not need to be a first-time homebuyer.
The home you are purchasing must be your principal residence and owner-occupied.
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 attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. You will also attend a FREE one-on-one pre-purchase counseling session. The seminar and counseling 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.
Once you are pre-approved and your lender says you are ready to close, please contact one of the following agencies to schedule an appointment for one-on-one pre-purchase counseling session:
Parkview Services, Marnie Claywell, 206.542.6644 ext 126
Apprisen Financial, Karl Hoffman 253.588.1858 ext 1412
MAXIMUM INCOME LIMITS
To be eligible for ARCH Downpayment Assistance, your household income must not exceed these limits:
1 person $48,550 | 2 person $55,450 | 3 person $62,400 | 4 person $69,300
5 person $74,850 | 6 person $80,400 | 7 person $85,950 | 8 person $90,300
MAXIMUM PURCHASE PRICE as of 06/01/2015
New & Existing Construction Home limit $354,000
USE OF FUNDS
Funds may be used for downpayment and closing costs based upon need. The Borrower’s downpayment requirement is 2% of the purchase price. Up to ½ of the 2% can be from gift funds.
Beaux Arts Village | Bellevue | Bothell | Clyde Hill | Hunts Point | Issaquah | Kenmore | Kirkland | Medina | Mercer Island | Newcastle | Redmond | Sammamish | Woodinville | Yarrow Point
If you have questions about the ARCH East King County 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 email@example.com.