HomeSight WA State Loan

HomeSight WA State Loan is a deferred second loan for homebuyers in Washington. HomeSight WA State Loan is the statewide HTF-funded purchase-assistance product administered by HomeSight, with deferred-payment terms tailored to lower-income buyers across Washington. Statewide deferred-payment second-mortgage purchase assistance funded through WA State Department of Commerce Housing Trust Fund, available to lower-income first-time homebuyers (typically up to 80% AMI) anywhere in Washington. Up to ~$60,000 (loan amount need-based). Funding comes from WA State Department of Commerce Housing Trust Fund (HTF) administered by HomeSight.

HomeSight WA State Loan 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 refi, end of term, 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 WA State Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Displaced homemakers, single parents, disaster-displaced. On credit, the program states: Minimum middle FICO 620 (subject to first-mortgage overlays). A homebuyer education course is required, through HomeSight Homebuyer Education; HUD-approved agencies; eHomeAmerica (hswa). Residency requirement: Owner-occupied primary residence; property anywhere in Washington State. Citizenship or immigration status: U.S. citizen or qualified alien. First-time homebuyer (no ownership in past 3 years); owner-occupied primary residence; complete HomeSight homebuyer education + 1:1 counseling; minimum borrower contribution. Income generally ranges $47,250 (1-person low end) to $126,400 (8-person high end) depending on county AMI and tier.

HomeSight WA State Loan limits household income to 80% of the area median income, which varies by county and household size. WA State HTF income limits typically 80% HUD AMI by county; statewide range approximately $47,250-$126,400 across counties and household sizes. 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 WA State Loan caps the purchase price as follows: Subject to WA State HTF program guidelines and first-mortgage product limits. Eligible property types include SFR, townhome, warrantable condo, 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are eligible.

HomeSight WA State Loan 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 WA State Loan serves homebuyers purchasing anywhere in Washington.

Applications for HomeSight WA State Loan 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; first-come, first-served subject to HTF allocation. 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.