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Home Buying Options

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UNDERSTAND

If you are an eligible UW employee:

Hometown Home Loan Program offers a wide variety of loan options for first-time buyers, including VA/FHA, jumbo, remodeling, and refinance. Learn more.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

HomeSight Program is a low-down-payment loan program offers first-time home buyers down payment assistance loans for home purchases in targeted areas, within certain income limits.

HomeSight
206-723-4355
www.homesightwa.org

Location Efficient Mortgage Program is another low-down-payment loan program which offers home buyers more qualifying income—and thus more purchasing power—based on a home's proximity to public transportation and commonly used services.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

If you are a low- to middle-income family or first-time home buyer:

Statewide Programs

House Key Program is a low-interest rate, low-down-payment loan program for first-time homebuyers. You do not have to be a first-time homebuyer if you are buying a home in a targeted area. Maximum income and purchase price limits apply.

Washington State Housing Finance Commission
Toll-free at 800-767-4663
www.wshfc.org

House Key Plus Program is a low-interest-rate, low-down payment loan program also offers down payment assistance. Down payment and closing cost assistance loans are available, depending on borrower income, with a term of 10 years. Maximum income and purchase price limits apply.

Washington State Housing Finance Commission
Toll-free at 800-767-4663
www.wshfc.org

HomeStart Savings Program helps customers accumulate funds for down payment and closing costs by matching $3 for every $1 you save, up to $5000. These funds can be used toward the purchase of your first home. Eligible borrowers must have an income of 80% or less of the area's median income.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

Seattle Programs

Hometown Plus is a purchase assistance program for properties purchased within the City of Seattle limits. It offers down payment assistance up to $45,000 based on need or helps borrowers buy down their interest rate by 1/4%. The program requires 2% of the purchase price to come from the borrower's own funds. You must have an income of 80% or less of the area's median income to qualify.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

Snohomish County Programs

SnoHome Program: This low-down-payment loan program offers first-time home buyers down payment assistance loans. Available to borrowers purchasing homes in Snohomish County with incomes at or below 100% of median.

HomeSight
206-723-4355
www.homesightwa.org

Fannie Mae's Flexible 97®

If you have a good credit history but no savings for a down payment, his 30-year, fixed-rate mortgage allows you to use personal savings, a gift from a family member, a loan secured by a marketable asset (such as a certificate of deposit, a 401(k), the cash value of your life insurance, or other real estate), or a loan or grant from a nonprofit or government agency for the 3% down payment. For more information, contact one of the participating lenders on the contact list.

Fannie Mae's Flexible 100™

This is a no -down-payment option for borrowers with good credit that requires a 3% cash contribution from the borrower toward closing costs and prepaid items. You may use personal savings; gifts; grants; unsecured loans from relatives, employers, public agencies, or nonprofits; or secured loans (such as certificate of deposit, 401(k), the cash value of your life insurance, or other real estate). For more information, contact one of the participating lenders on the contact list.

My Community Mortgage Program

This program lets your lender work with you to help choose the mortgage option that best fits your needs and eligibility. With a lower down payment than traditionally required, more flexible qualifying terms, and less cash required, this mortgage makes it easier than ever to afford a home. Some or all of the down payment can come from a wide range of sources, such as a gift from a family member; a gift, grant, or loan from a nonprofit organization, municipality, or employer; or your own funds. Income restrictions may apply. For more information, contact one of the participating lenders on the contact list.

If you are a nurse, pharmacist, medical technician, or police officer:

Contact HomeStreet Bank to see if you qualify for one of these special programs with features like:

Community Solutions 97

This is a 97% loan-to-value (LTV) mortgage option.

Community Solutions 100

This is a maximum 100% LTV mortgage option.

HFA Community Solutions

This is a maximum 97% LTV mortgage option.

Community Solutions 2-Family

This is a flexible, affordable mortgage option for owner-occupants of two-unit homes.

If past credit difficulties are keeping you from qualifying for a lower-cost conventional mortgage:

Timely Payment Rewards

You may now find it easier to qualify for a loan with competitive interest rates, even if you've had past credit difficulties. Eligible borrowers may finance their home at a mortgage rate as much as 2% lower than what is typically paid for higher-rate alternative financing. Reduce your interest rate by an additional 1% after 24 consecutive months of timely mortgage payments. For more information, contact one of the participating lenders on the contact list.

If you want to buy a home and you or a family member have a disability:

HomeChoice is a single-family mortgage designed to meet the mortgage underwriting needs of low- and moderate-income people who have disabilities or have family members with disabilities living with them. HomeChoice mortgages offer a down payment as low as $500, greater flexibility in qualifying and underwriting standards, and acceptance of nontraditional credit histories.

Washington State Housing Finance Commission
Toll-free at 800-767-4663
www.wshfc.org

If you are a senior homeowner in need of extra cash:

Fannie Mae's HomeKeeper™ and Home Equity Conversion Mortgage (HECM)

This loan program allows homeowners to obtain cash by borrowing against the equity they have in their home or condominium. Repayment is not required as long as you live in the home. For more information contact one of the participating lenders on the contact list.

If you want one loan to buy and renovate a home:

Fannie Mae's HomeStyle® Renovation Mortgages

This program allows you to borrow money in a single loan to buy and repair or renovate your home, based on what the property will be worth after the work is done. You may purchase a single-family home or a two - to four-family home. Condominiums and townhouses are eligible properties. The down payment will vary depending on the type of home you are buying and whether you will be living in the home. You may also refinance your current home with additional renovation money included in the new loan. For more information, contact one of the participating lenders on the contact list.

Assistance with homebuyer education and information

Free homebuyer education seminars are held on an ongoing basis throughout Washington State. to obtain information on scheduled seminars and registration, contact the Washington State Housing Finance Commission at 1-800-767-4663, extension 775.

Homebuyer seminars are also available through HomeStreet Bank at 206-628-0207.

More information for first-time homebuyers is available through the Washington Homeownership Center at 1-800-317-2918.

To obtain a referral to a nonprofit organization in your area that can provide you with more information about the home buying process, call 1-800-7FANNIE (1-800-732-6643).

Home Buying Contacts

Programs and rates listed are for informational purposes only and are subject to change without notice. While the University attempts to regularly update the program descriptions and rates, it is best to seek current information from the contacts listed.

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