Homebuyer Program

Homebuyer Program is a deferred second loan for homebuyers in Seattle, Washington. Habitat for Humanity Seattle-King & Kittitas Counties Homebuyer Program — sells Habitat-built/rehabbed homes to income-qualified families with a 0% interest first mortgage and shared-appreciation covenants. Treated as a Loan per user input and modeled with deferred forgivable / shared-equity structure. Income-qualified homebuyer program — Habitat for Humanity Seattle-King & Kittitas Counties sells newly built or rehabbed Habitat homes to qualifying low-to-moderate-income families with a 0% interest first mortgage and shared-appreciation / ground-lease conventions to preserve long-term affordability. Effective subsidy operates as a deferred forgivable second / shared-equity covenant. 'Sweat equity' (250+ volunteer hours) typically required. Funding comes from Nonprofit, Federal, HUD, HOME, Donor, and Private.

Homebuyer Program is forgiven after 30 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Mortgage amortizes monthly at 0% and shared-appreciation / right-of-first-refusal covenants apply on resale. The assistance is recorded in 1st Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Special hardship cases per Habitat policy. On credit, the program states: 620 minimum FICO typical; emphasis is on payment history rather than score. A homebuyer education course is required, through Habitat for Humanity homebuyer education and financial coaching (HUD-approved). Residency requirement: Property within King or Kittitas County; owner-occupied primary residence. Citizenship or immigration status: U.S. citizen or legal permanent resident. First-time homebuyer (or did not own home in past 3 years). Income $60,350 (1 person) to $159,950 (8 person) per HUD 30-80% AMI for King County. Sweat-equity hours required (typically 250+ per adult household member). Habitat-approved homebuyer education and financial coaching required. Must demonstrate ability to pay affordable mortgage, willingness to partner with Habitat, and need for housing. Properties built or rehabbed by Habitat in King / Kittitas counties.

Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size. Household income $60,350 (1 person) to $159,950 (8 person) per HUD 30-80% AMI for King County. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Homebuyer Program caps the purchase price as follows: Per Habitat home appraisal — Habitat sells at appraised value subsidized by silent second / ground lease. Eligible property types include Habitat-built or Habitat-rehabbed single-family / townhouse / condo within Habitat developments. New construction is eligible. Manufactured homes are not eligible.

Homebuyer Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Homebuyer Program serves homebuyers purchasing in Seattle, Washington. The program targets specific areas: King and Kittitas counties (Habitat for Humanity Seattle-King & Kittitas service area).

Applications for Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via Habitat for Humanity Seattle; selection is by Habitat homeownership selection committee. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.