South King County Loan

South King County Loan is a deferred second loan for homebuyers in King County, Washington. HomeSight-administered South King County loan funded by King County HOME / South King County HOME Consortium, offering 3% deferred 30-year second-mortgage purchase assistance to <=80% AMI first-time buyers in Auburn, Federal Way, Tukwila, and unincorporated South King County. South King County HOME-funded DPA loan administered by HomeSight providing up to $45,000 in 3% deferred 30-year second-mortgage assistance for <=80% AMI first-time homebuyers purchasing in Auburn, Federal Way, Tukwila, or unincorporated South King County. Funding comes from King County HOME Investment Partnerships Program / South King County HOME Consortium.

South King 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.

South King County 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 (HOME 24 CFR 92.2). On credit, the program states: Minimum middle FICO 620. A homebuyer education course is required, through HomeSight Homebuyer Education; HUD-approved agencies; eHomeAmerica (hswa). Residency requirement: Owner-occupied primary; property in eligible South King County jurisdiction. Citizenship or immigration status: U.S. citizen or qualified alien per HOME rules. Property in Auburn, Federal Way, Tukwila, or unincorporated South King County. First-time homebuyer (no ownership last 3 years); HomeSight education + 1:1 counseling; minimum $1,000 buyer contribution; income at or below 80% Seattle-Bellevue HMFA AMI (~$77,700-$110,950); maximum purchase price $632,000.

South King 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; 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.

South King County Loan caps the purchase price at $632,000. Eligible property types include SFR, townhome, condo, manufactured (real-property), 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are eligible.

South King County 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.

South King County Loan serves homebuyers purchasing in King County, Washington. The program targets specific areas: Auburn, Federal Way, Tukwila, unincorporated South King County.

Applications for South King County 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. 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.