HomeSight City of Seattle Puget Sound Revolving Loan Fund

HomeSight City of Seattle Puget Sound Revolving Loan Fund is a deferred second loan for homebuyers in Seattle, Washington. HomeSight's City of Seattle Puget Sound Revolving Loan Fund (PSRLF) is a HomeSight-originated second-mortgage purchase-assistance product carved out of HomeSight's Puget Sound Revolving Loan Fund and dedicated to Seattle homebuyers. Loans are sized to fill gap between first-mortgage proceeds, buyer funds, and purchase price plus closing. Up to $70,000 in down-payment / closing-cost / gap financing for income-eligible first-time homebuyers purchasing in the City of Seattle. Structured as a fully amortized or partially deferred second mortgage at 1.5%-2.0% over the first-mortgage rate (depending on AMI). Funded through HomeSight's Puget Sound Revolving Loan Fund (a blend of City of Seattle Office of Housing, foundation, and CDFI capital) earmarked for City of Seattle borrowers. Funding comes from HomeSight Puget Sound Revolving Loan Fund (City of Seattle Office of Housing, Seattle Foundation, JPMorgan Chase, US Treasury CDFI Fund, private foundation capital).

HomeSight City of Seattle Puget Sound Revolving Loan Fund is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, transfer, refinance with cash-out, end of loan term, or loss of owner-occupancy. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

HomeSight City of Seattle Puget Sound Revolving Loan Fund is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No ownership in past 3 years; exceptions for displaced homemakers, single parents, and federally declared disaster victims. On credit, the program states: Minimum middle FICO 640 (lender first-mortgage product overlays may be higher). A homebuyer education course is required, through HomeSight Homebuyer Education (HUD-approved); also accepts other HUD-approved counseling agencies, eHomeAmerica online (hswa). Residency requirement: Must occupy as primary residence; property in City of Seattle. Citizenship or immigration status: U.S. citizen or qualified alien (lawful permanent resident, eligible non-citizen). Property must be located within City of Seattle limits. Must be first-time homebuyer (no principal-residence ownership in last 3 years). Must complete HomeSight education curriculum and 1-on-1 financial counseling. Borrower minimum cash contribution required. Co-signers not permitted unless on title and occupying. Income includes all household members 18+. Maximum household income limit applies (1-person ~$126,600 up to ~$180,850 for 8-person at 120% AMI Seattle MSA).

HomeSight City of Seattle Puget Sound Revolving Loan Fund limits household income to 120% of the area median income, which varies by county and household size. Income limits set at 120% of HUD Area Median Income for Seattle-Bellevue HMFA, adjusted for household size. 2024 limits roughly $126,600 (1-person) to $180,850 (8-person). Updated annually. 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.

HomeSight City of Seattle Puget Sound Revolving Loan Fund caps the purchase price as follows: Property purchase price tied to maximum first-mortgage and HomeSight underwriting; no fixed cap published for the Seattle PSRLF tier. Eligible property types include Single-family detached, townhomes, condominiums (warrantable), 2-4 unit properties (owner-occupied). New construction is eligible. Manufactured homes are not eligible.

HomeSight City of Seattle Puget Sound Revolving Loan Fund names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities 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.

HomeSight City of Seattle Puget Sound Revolving Loan Fund serves homebuyers purchasing in Seattle, Washington.

Applications for HomeSight City of Seattle Puget Sound Revolving Loan Fund go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through HomeSight Homebuyer Portal; first-come, first-served subject to fund availability. 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.