HomeSight Revolving Loan Fund (Statewide)

HomeSight Revolving Loan Fund (Statewide) is a deferred second loan for homebuyers in Washington. HomeSight Revolving Loan Fund (Statewide) is HomeSight's general purchase-assistance product available to first-time homebuyers anywhere in Washington State where HomeSight has lending authority. It is the umbrella revolving fund from which county-specific PSRLF tiers (Seattle, Pierce, Snohomish, South King) are carved. Statewide allocation of HomeSight's Revolving Loan Fund providing flexible second-mortgage purchase assistance up to $70,000 for first-time homebuyers purchasing anywhere in Washington State where HomeSight is licensed. Loans typically priced at 1.5%-2.0% above first-mortgage rate based on AMI tier. Funding comes from HomeSight Revolving Loan Fund (CDFI Fund, JPMorgan Chase impact investment, Seattle Foundation, private foundation capital).

HomeSight Revolving Loan Fund (Statewide) 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.

HomeSight Revolving Loan Fund (Statewide) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Exceptions for displaced homemakers, single parents, disaster-displaced. On credit, the program states: Minimum middle FICO 640. A homebuyer education course is required, through HomeSight Homebuyer Education; HUD-approved counseling agencies; eHomeAmerica (hswa). Residency requirement: Must occupy as primary residence; property in Washington State. Citizenship or immigration status: U.S. citizen or qualified alien. Statewide WA borrowers; first-time homebuyer (no ownership in last 3 years); HomeSight homebuyer education and 1:1 counseling; minimum borrower contribution; income/asset underwriting per HomeSight guidelines; AMI limits apply per local HUD MSA / county.

HomeSight Revolving Loan Fund (Statewide) sets its income limit as follows: Income limits vary by HUD MSA / county where property is located (typically up to 120% AMI). Refer to HomeSight loan matrix for specific 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.

HomeSight Revolving Loan Fund (Statewide) caps the purchase price as follows: Tied to first-mortgage product limits and HomeSight underwriting. Eligible property types include SFR detached, townhome, warrantable condo, 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

HomeSight Revolving Loan Fund (Statewide) 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 Revolving Loan Fund (Statewide) serves homebuyers purchasing anywhere in Washington. The program targets specific areas: Black Home Initiative target areas (South Seattle, South King County, North Pierce County) prioritized.

Applications for HomeSight Revolving Loan Fund (Statewide) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through HomeSight Homebuyer Portal application. 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.