HomeSight Revolving Loan Fund (Statewide)

What is 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).

Do you have to pay it back?

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.

Who qualifies?

HomeSight Revolving Loan Fund (Statewide) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

HomeSight Revolving Loan Fund (Statewide) 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 Revolving Loan Fund (Statewide) serves buyers purchasing anywhere in Washington.

• The program targets specific areas: Black Home Initiative target areas (South Seattle, South King County, North Pierce County) prioritized.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HomeSight Homebuyer Education; HUD-approved counseling agencies; eHomeAmerica (hswa).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through HomeSight Homebuyer Portal application, 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.