HomeSight Pierce County Puget Sound Revolving Loan Fund

What is HomeSight Pierce County Puget Sound Revolving Loan Fund?

HomeSight Pierce County Puget Sound Revolving Loan Fund is a deferred second loan for homebuyers in Pierce County, Washington.

• HomeSight Pierce County Puget Sound Revolving Loan Fund is HomeSight's PSRLF allocation for Pierce County homebuyers, offering second-lien purchase-assistance loans up to $70,000 for first-time buyers purchasing in Pierce County, WA.
• Up to $70,000 in deferred / amortized second-mortgage purchase assistance for first-time buyers purchasing in Pierce County. Funded through HomeSight's Puget Sound Revolving Loan Fund Pierce County allocation. Interest at 1.5%-2.0% above first-mortgage rate based on AMI tier.
• Funding comes from HomeSight Puget Sound Revolving Loan Fund (private capital + CDFI Fund + Pierce County contributions).

Do you have to pay it back?

HomeSight Pierce County 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, cash-out refinance, end of 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.

Who qualifies?

HomeSight Pierce County Puget Sound Revolving Loan Fund is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

HomeSight Pierce County 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% HUD AMI for Tacoma-Lakewood HMFA, adjusted for household size; approximately $97,300 (1-person) to $139,000 (8-person) per 2024 HUD limits.
• 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?

HomeSight Pierce County Puget Sound Revolving Loan Fund caps the purchase price as follows: Tied to first-mortgage product max and HomeSight underwriting; no separate cap on the Pierce County PSRLF tier.

• Eligible property types include Single-family detached, townhomes, warrantable condos, 2-4 unit owner-occupied.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

HomeSight Pierce County Puget Sound Revolving Loan Fund names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers 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.

Where does it apply?

HomeSight Pierce County Puget Sound Revolving Loan Fund serves buyers purchasing in Pierce County, Washington.

• The program targets specific areas: Black Home Initiative target area: North Pierce County (priority outreach focus).

How do you apply?

Applications for HomeSight Pierce County Puget Sound Revolving Loan Fund 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 HomeSight Homebuyer Education (HUD-approved), Tacoma-Pierce County Habitat counseling, eHomeAmerica online (hswa).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through HomeSight Homebuyer Portal; first-come, first-served subject to capital availability, 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.