Snohomish County Loan

What is Snohomish County Loan?

Snohomish County Loan is a deferred second loan for homebuyers in Snohomish County, Washington.

• HomeSight-administered Snohomish County DPA loan funded by Snohomish County's Affordable Housing Trust Fund (AHTF), providing 3% deferred 30-year second mortgages to lower-income first-time buyers, with stacking option for very-low-income (<=60% AMI) buyers.
• Snohomish County Affordable Housing Trust Fund DPA loan administered by HomeSight providing up to $50,000 in deferred-payment second-mortgage assistance for <=80% AMI first-time buyers, plus an additional $35,000 for <=60% AMI buyers (total up to $85,000 stacked). 3% deferred for 30 years.
• Funding comes from Snohomish County Affordable Housing Trust Fund (1/10th of 1% sales tax).

Do you have to pay it back?

Snohomish County 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 30-year 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?

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

What are the income limits?

Snohomish County Loan limits household income to 80% of the area median income, which varies by county and household size.

• 80% HUD AMI for Seattle-Bellevue HMFA (Snohomish County); approximately $77,700 (1-person) to $110,950 (8-person) per 2024 HUD.
• The limit applies to total household income, not only the borrower&rsquo;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?

Snohomish County Loan caps the purchase price at $618,000.

• Eligible property types include SFR, townhome, condo, manufactured (real-property), 2-4 unit owner-occupied.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Snohomish County 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?

Snohomish County Loan serves buyers purchasing in Snohomish County, Washington.

How do you apply?

Applications for Snohomish County 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; Snohomish County HUD-approved agencies.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through HomeSight Homebuyer Portal; first-come first-served subject to County 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.