Homebuyer Information

This grant subsidy (up to $5,000) may be used for down payment, closing costs, and/or rehabilitation in connection with the purchase of a home that will be occupied as a primary residence.

Program Requirements:

• Provide two consecutive pay stubs or other approved income documentation for every member of the household over the age of 18 who will reside in the home to be purchased.
• Household income does not exceed 80 percent of area median income, adjusted for family size. (See Income Limits Chart searched by county)
• Demonstrate matching funds of the homebuyer’s earnings. Gift funds will not be considered matching funds.
• Complete a homebuyer education class that meets Seattle Bank requirements. *
• Purchase a home within one year of being enrolled.
• Be a first-time homebuyer. The Seattle Bank’s definition of a first-time homebuyer is as follows: The homebuyer may not have owned a home (including a mobile home titled as real property) within the three years prior to purchasing a home with Home$tart assistance. Exceptions may be made for displaced homemakers or single parents who have previously owned a home with a spouse or domestic partner.
• Agree to place a recorded, five-year deed of trust on the house purchased. If the home is sold within five years of purchase, a pro-rata share of the Home$tart grant must be repaid by the homebuyer.

* Homebuyer must complete homebuyer education provided by an educator certified by the Neighborhood Reinvestment Corporation (NeighborWorks)

    OR

complete eight hours of homebuyer education provided by a HUD or state or local agency recognized as experienced in homebuyer counseling, including one hour face-to-face, one-on-one counseling. Curriculum MUST cover each of the following topics:

1. Preparing for the financing, purchase, and maintenance of a home;
2. Budgeting and credit;
3. Characteristics of predatory lending.

 

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