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G. R. H. Loan Program
Program Overview
- 30 Year fixed-rate mortgage
- No down payment required; 100% financing available
- Closing costs and pre-paid fees may be financed
- Unlimited seller contributions
- Unrestricted gift funds
- Income Limitations do apply
- Mortgage insurance is not required based on government guarantee
This program provides additional opportunities for borrowers so would like to live in rural areas to qualify for home ownership. The increased availability of credit at desirable terms strengthens property values and reduces the cost of ownership in rural markets.
*Maximum loan limits apply. All loans are subject to credit approval
Use this program for any properties in Snohomish County that are located East of Highway 9 from Woodinville North. There are sections of King County that are also eligible. Refer to maps below:
Snohomish County map.pdf
King County Map.pdf
If you are interested in learning more about this program and finding out if you might qualify for this loan, click HERE
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HS Purchase Assistance Program
Through private and public partnerships, HS provides purchase assistance to qualified first-time home buyers in the form of a low interest loan. To qualify, you must meet (at the minimum) the following requirements:
- Be a first-time home buyer. Definition of a first-time home buyer is someone who has not owned a hoBme in the past three (3) years. There are a few exceptions based on individual circumstances.
- Complete HS's homebuyer education curriculum and financial assessment(s).
- Upon loan approval, purchase a home in target areas within Seattle City limits, selected King County municipalities, or within Snohomish County limits.
Click HERE for a brochure with more details on this great program.
----------------------------------------------------------------------------------------------------------------------------------------- Washington S B Program
A down payment assistance second mortgage program with a 5.00% interest rate and a ten-year loan term.*
- Borrowers must be first-time homebuyers or buying in a targeted area.
- Borrowers must meet the acquisition cost and income limits for the S B Program first mortgage.
If you are interested in learning more about this program and finding out if you might qualify for this loan, click HERE
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Helper Program for First Time Home Buyers
First time buyers whose income is 50% less than the median income for the county where you are buying can obtain a loan for only $500 down and receive an interest rate that is 1% below the going rate for a 30 year fixed loan. Those first time buyers whose income is 50.01 to 75% less than the median income for the county where they are buying can also purchase with only $500 down and they will receive an interest rage that is 1/2% below the going rate for a 30 year fixed loan. Click HERE to see if you qualify and for additional details.
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Easy Streamlined FHA 203K Rehabilitation Loan
First time buyers and others can use this program to purchase homes in need of cosmetics or fixing up. $5,000 minimum amount for request for repairs and $35,000 maximum. Allow for 60 days to close the sale. You will need only to come up with 3 1/2% for down payment, the same as a regular FHA loan.
There are very few mortgage specialists that are comfortable and can successfully guide you through this program. I work with one of the best. Click HERE for more details and her contact information.
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King and Snohomish FHA loan limits effective January 1, 2009 are:
- Single Family: $506,000
- Two Family: $647,750
- Three Family: $783,000
- Four Family: $973,100
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