Resources for Region 1

Click below on the Step to Homeownership where you are right now and need information about.

Click here for a short description of the Steps to Homeownership>

Local Homeownership Resources for:
Olympic Peninsula: Clallam, Grays Harbor, Jefferson, Kitsap, Mason, and Thurston Counties

4. Research

Down Payment Assistance Programs

Local Resources:

Aberdeen Neighborhood Housing Services Down Payment Assistance Program

• Location: Grays Harbor County
• Loan amount: up to $15,000
• Interest rate: 8% plus 2% closing fee, loan term 10 to 15 year fixed rate
• Income limits: Must be at or below 80% of county median income (click the arrow to view the table)
• Must have completed First-Time Homebuyer Education Class
• Additional information: Loan can be used for down payment and/or closing and/or repair costs of home
• Contact: Call 360.533.7828 or visit www.aberdeen-nhs.com

City of Bremerton Home Buyer Program

House Key Plus Bremerton Down Payment Assistance Program 

The City of Bremerton, in partnership with the Washington State Housing Finance Commission, presents the  House Key Plus Bremerton Down Payment Assistance Program. The program is designed to provide low interest second loans that make home buying affordable for eligible first time home buyers purchasing within the Bremerton City limits. Funding for this program comes from the City of Bremerton’s HUD allocation of Federal HOME funds and is matched 3:1 by the Washington State Housing Finance Commission. 

• Location: Bremerton City Limits
• Loan amount: Loans generally $5,000; can go up to $20,000
• Interest rate: 3%
• Income limits: Must be at or below 80% of county median income, as determined by HUD (click the arrow to view the table)
• Additional information:  Loan is fully amortized with monthly principal and interest payments over 15 years
• Contact: call your lender or Phedra Elliot at the City of Bremerton at 360-473-5211 or visit the website

Kitsap County Consolidated Housing Authority County Wide Mortgage Assistance Program

• Location: Kitsap County outside Bremerton city limits
• Loan amount: Loan up to $2,500
• Income Limits: Targeted to households below 80% of county median income (click the arrow to view the table)
• Must have completed a First-Time Homebuyer Education Class
• Additional information: Principal and contingent interest due in full upon future sale or refinancing of home
• Contact: For additional information, call 360.535.6100
  

Statewide Down Payment Assistance & Mortgage Assistance Programs

Washington State Housing Finance Commission (WSHFC) House Key Plus

• Where: Statewide
• Loan amount: up to $7,500 in Clark, Island, King, Pierce, and Snohomish Counties. Up to $5,000 for all other counties.
• Interest rate: 5%, 10-year loan term
• Income limits: To be eligible for a House Key Plus loan you must meet income guidelines. Click the arrow for income limits
• Must be first-time homebuyer or purchase in a targeted area
• Must take a Homebuyer Education Seminar
• Additional information: Loan officer must be trained to administer House Key Plus
• Contact: Visit WHC 877.894.4663 or visit www.wshfc.org for a list of participating lenders
  
  

Washington State Housing Finance Commission (WSHFC) House Key Rural

• Where: Statewide
• Loan amount: 6% of purchase price or $10,000, whichever is greater
• Interest rate: 3% with no monthly payments until the borrower either (a) sells, refinances, transfers the property (b) fails to maintain as principal place of residence (c) when the home is paid off on or before 30 years
• Income Limits: Must be at or below 80% of area median income (click the arrow to view the table)
• Must be a first-time homebuyer
• Must have attended a First-Time Homebuyer Education Seminar
• Additional Information: Loan officer must be trained to administer House Key Rural
• Contact: WHC at 1.877.894.4663 for a list of participating lenders or visit www.wshfc.org

Washington State Housing Finance Commission (WSHFC) HomeChoice

• For those with a disability or living with a family member who has a disability
• Where: Statewide
• Loan amount: Up to $15,000 depending on need
• Interest rate: 1%, loan is deferred until year 30 or when home is refinanced or sold
• Income Limits: (click the arrow to view the table) Refer to House Key Plus guidelines.
• Must be a first-time homebuyer or buying in a targeted area
• Must first meet with a HomeChoice provider in your area to see if you are eligible
• Additional Information: Must be used in conjunction with House Key Conventional First Loan Program and loan officer must be House Key trained.
• Contact: Visit www.wshfc.org for a list of HomeChoice counselors in your area.
  
  

The Home$tart Savings Plan Eligibility
This is a saving matching program. You must establish a savings account with a listed financial institution and actively save money for at least six months. A home must be purchased within two years of enrolling in the program.

• Where: Statewide
• Grant amount: up to $5,000
• Interest rate: not applicable
• Income limits: at or below 80% of the median income (click the arrow to view the table)
• Must be a first-time homebuyer
• Must complete a homebuyer education course and qualify for a mortgage by the time the grant is awarded
• Contact: Visit www.fhlbsea.com for a list of participating lenders. Once on the web site click Community Investments, then click Our Programs, then click Home$tart. Each bank is allocated a certain amount of money each year, it may be necessary for you to contact more than one lender to find available funds.
  
  

Housing Opportunities

Local Resources:

Habitat for Humanity

Habitat for Humanity is a non-profit organization that sells houses to low-income families. Families must provide 500 hours of sweat equity on their own home as well as other Habitat homes. The purchase prices of Habitat houses are far below market value. The home loan has no interest and a 20-30 year term. Family gross income can be no higher than 50% (click the arrow to view the table) of the area median income.

For more information, call:
Dungeness Valley 360.681.6780
East Jefferson County 360. 379.2827
Kitsap County 360.479.3853

Kitsap County Consolidated Housing Authority
Self-Help Housing Program

Families work together in groups to build each other's homes and are required to contribute at least 30 hours per week on construction. KCCHA will help you obtain a USDA Rural Loan that requires no down payment and provides for all building material, closing costs and the purchase of the lot that your home will be built on. You must have a good credit history and demonstrate the ability to pay back the loan. Further restrictions such as income limits apply.
For more information:
360- 535-6100 or 1-800-693-7070
www.kccha.com

Northwest Housing Development

Northwest Housing Development is a public, non-profit agency that assists low-income households to obtain homeownership. Their self-help housing program helps individuals in Thurston county become homeowners by building their own homes. Eligible applicants receive a low-interest loan and work cooperatively with other families to build each other’s homes. Applicants must demonstrate the ability to repay the loan and meet credit standards. Buyers must be at or below 80% of Thurston County median income.
For additional information contact: 888.U-Build-1 (888.828.4531)

Port Gamble S'Klallam Housing Authority/ Southern Puget Sound Intertribal Housing Authority

The Mutual Help Program allows buyers of the Nisqually, Shoalwater Bay, Skykomich, Squaxin, Island, Hoh, and Suquamish tribes to purchase a home through the Housing Authority. The Housing Authority acts as a liaison between all the partners involved in building and purchasing the home and selects qualifies families from the applications. They also work closely with the Tribe in selecting the home sites.
For additional information, contact 360. 297.6226

RHS 502 Direct Loans with Self Help Technical Assistance

Low and very low applicants provide a substantial portion of the labor involved in building their own homes. This “sweat equity” contribution reduces the total cost of purchasing a home. Non-profit organizations help families become successful homeowners by providing technical assistance including homeownership education, loan packaging, and construction supervision. For more information regarding the availability of this program in you your area, contact the Port Angeles local office, 360.452.8994. This office serves Clallam, Grays Harbor, Jefferson, Kitsap, and Mason Counties.

Introduction to Loan Programs:

Conventional Loans

Conventional loans are sold by lending institutions to the secondary mortgage market. Therefore, the qualifying guidelines may be more stringent. Almost all lenders provide conventional loan programs. Contact a lender to find one that best fits your situation.

Government Loans

Government loans insure lending institutions repayment of loans by the federal government in the event that a borrower defaults on the mortgage. In comparison to conventional and portfolio loans, lenders are insured by private mortgage insurance.

FHA Loan

• Income limits: none
• Loan amounts: Loan amounts vary by County.  Click here to view county.
• Down payment: 3%, may come from any source
• Debt to income ratios: total house payment up to 29% of monthly gross income, all debt, including housing, up to 41%
• Seller can contribute up to 6% of closing costs and costs may be rolled into loan
• Mortgage insurance is required
• Contact: Almost all lenders provide FHA loans. Contact your lender for information

VA Loan- for veterans

• Income limits: none
• Loan amount: Maximum of conforming loan limits.  For loans over $144,000, VA will guarantee up to 25% of the home loan.
• Down payment: none
• Debt to income ratios – total debt including housing can be up to 41% of monthly gross income
• Seller may pay up to 3% of allowable closing costs
• Contact: Call 206.624.7000 or 800.827.1000 to confirm eligibility. Potential borrowers need Certificate of Eligibility or DD214 Discharge papers
  

USDA Rural Development - RHS 502 Direct Loan

• Income limits: up to 80% of area median income (click the arrow to view the table)
• Location: Must purchase in rural community with less than 10,000 population. Under certain conditions towns and cities with populations between 10,000-25,000 may be eligible.
• Loan amount: may be up to 102% of appraised market value
• Down Payment: not required
• Loan term: 33 years, under certain conditions, term may be extended to 38 years
• Families must be without adequate housing, but able to afford the mortgage payments
• Applicants must be unable to obtain credit elsewhere, but still have reasonable credit history
• For purchase of new or existing home, or for purchase of site and construction of home
• Contact: Click on the State Map for the area in which you are interested for local contact information

USDA Rural Development - RHS 502 Guarantee

• Income limits: up the 115% of area median income
• Location: Must purchase in rural community with less than 10,000 population. Under certain conditions towns and cities with populations between 10,000-25,000 may be eligible.
• Down payment: not required
• Loan Term: 30 years
• Families must be without adequate housing, but able to afford mortgage payments
• Applicants must be unable to obtain credit elsewhere, but still have reasonable credit history
• Contact: Click on the State Map for the area in which you are interested for local contact information

HUD 184 Indian Home Loan Guarantee Program

• Funds can be used to purchase and/or rehabilitate an existing home, or construct a home
• Must be an Alaskan or Native American, or a tribe, or a Tribally Designated Housing Entity to participate in program
• Down payment as low as 1.25%
• Long term fixed rate financing with loan to value ratios as high as 150%
• Nontraditional methods may be used to demonstrate borrower’s credit and income
• No income limits
• Debt to income ratio can be as high as 41%
• Loan term up to 30 years fully amortized
• For more information call 1.877.741.3281

Purchasing a HUD Home:
If you are interested in purchasing a foreclosed home through the Federal Government Department of Housing and Urban Development (HUD), you must go to the web site at www.hud.gov.

Statewide Loan Programs:

Washington State Housing Finance Commission (WSHFC) House Key Program

• Interest rate: Below market. Check www.wshfc.org or call WHC for current rate
• Income Limits: Income limits vary by County and family size. Click the arrow for income limits
• Must be a first-time homebuyer or purchasing in a targeted area
• Must complete a First-Time Homebuyer Education class
• Must first qualify for a loan according to FHA, VA, RHS, or Conventional loan standards and loan officer must be trained to administer House Key Program
• Contact: A House Key Program lender. For a list of participating House Key Program lenders visit www.wshfc.org or call WHC

Government/Nonprofit Loan Programs:

ACORN Housing

ACORN Housing is a a nonprofit HUD certified housing counseling agency that provides home buying assistance. The features of their program are:

• Conventional, portfolio loan
• 30 year fixed rate
• Interest rates 0.75% below market
• 0% down - borrower's contribution $500
• Down payment and closing cost assistance
• No PMI (private mortgage insurance)
• Undocumented income up to $1,200/month
• Liberal ratios permitted for debts & housing
• Common-sense underwriting & flexible rules

For additional information, call 206.243-4663 or visit www.acornhousing.org

Washington Assistive Technology Foundation

The Washington Assistive Technology Foundation (WATF) is a 501(c)(3) nonprofit and Community Development Financial Institution (CDFI) dedicated to improving the socio-economic circumstances of people with disabilities through access to technology. The WATF Access Fund provides low-interest loans to help Washington residents with disabilities obtain the technologies and business equipment they need to live independently and to succeed at school, at work, at play and in the community.

• Loan limit: $250-$10,000

• Interest rates: determined by agency
• Income limits: no upper or lower limits

• Contact: 206-328-5116 or info@watf.org

2006 Median Income Limits

Click here to see income tables>>