HomeSight WA State Loan

What is 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.

Do you have to pay it back?

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.

Who qualifies?

HomeSight WA State Loan is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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

How do you apply?

Applications for HomeSight WA State Loan 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 agencies; eHomeAmerica (hswa).

2. 2

   Contact the administering agency to reserve funds

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