![]() If you have questions about the ARCH East King County Downpayment Assistance Loan Program, please contact Dietrich Schmitz at 20 or toll free at 80, Ext. PARTICIPATING CITIESīeaux Arts Village | Bellevue | Bothell | Clyde Hill | Hunts Point | Issaquah | Kenmore | Kirkland | Medina | Mercer Island | Newcastle | Redmond | Sammamish | Woodinville | Yarrow Point QUESTIONS Up to ½ of the 2% can be from gift funds. The Borrower’s downpayment requirement is 2% of the purchase price. The maximum purchase price limit is now $632,000 USE OF FUNDSįunds may be used for downpayment and closing costs based upon need. To be eligible for ARCH Downpayment Assistance, your household income must not exceed these limits: Household Size Parkview Services, Loretta Cael, 50, Urban League of Metropolitan Seattle, 80 MAXIMUM INCOME LIMITS as of Once you are pre-approved and your lender says you are ready to close, please contact one of the following agencies to schedule an appointment for one-on-one pre-purchase counseling session: The seminar and counseling will provide you with the information you will need to purchase and maintain your first home. You will also attend a FREE one-on-one pre-purchase counseling session. You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. With financed MI, the upfront MI amount being financed is identified separately and the lender obtains an endorsement to the MI policy, which says that, in the event of a claim, the policy fully covers the portion of the loan that is the unamortized portion of the loan amount relating to the financed MI premium. The home you are purchasing must be your principal residence and owner-occupied.ĭue to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement. You do not need to be a first-time homebuyer. Gain fast online access to Arch MI underwriting guidelines, operating and our award-winning underwriting team. There are no monthly payments with the balance due and payable when the Borrower(s) 1) sells, refinances, transfers the property 2) fails to maintain as principal place of residence or 3) when the home is paid off (on or before 30 years). This program allows up to $30,000 in downpayment assistance at 4% simple interest. ARCH DOWNPAYMENT ASSISTANCE PROGRAM DESCRIPTION This program is for qualified borrowers purchasing a home or condominium within an ARCH member city. The company has the highest Mortgage Insurer Financial Strength ratings in the U.S. Opportunity first mortgage loan programs. Arch Mortgage Guaranty Company (AMGC) was created to reduce your exposure and support portfolio lending by providing credit loss protection on prime, standard and non-standard qualifying loans. Arch MI (HUD & Freddie Mac approved) (Source Code. Disclaimer: The Commission does not endorse a person, business practice, product or service other than those of the Commission.ĪRCH East King County Downpayment Assistance Loan Program combines with the Home Advantage or HUD-Approved Counseling Agencies National Industry Standards (NIS) Counseling Agencies Online classes.
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