Homebuyer Program

What is 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.

Do you have to pay it back?

Homebuyer Program is forgiven after 30 years, so a buyer 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.

Who qualifies?

Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

Homebuyer Program serves buyers purchasing in Seattle, Washington.

• The program targets specific areas: King and Kittitas counties (Habitat for Humanity Seattle-King & Kittitas service area).

How do you apply?

Applications for Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Habitat for Humanity homebuyer education and financial coaching (HUD-approved).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply via Habitat for Humanity Seattle; selection is by Habitat homeownership selection committee, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.