HOMEOWNERSHIP
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• Home Advantage
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• Downpayment Assistance
• Homeowners Guide
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ARCH East King County Downpayment Assistance Loan Program

Disclaimer: The Commission does not endorse a person, business practice, product or service other than those of the Commission.

ARCH East King County Downpayment Assistance Loan Program combines with the Home Advantage or Opportunity first mortgage loan programs. This program is for qualified borrowers purchasing a home or condominium within an ARCH member city.

ARCH DOWNPAYMENT ASSISTANCE PROGRAM DESCRIPTION

This program allows up to $30,000 in downpayment assistance at 4% simple interest. 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).

You do not need to be a first-time homebuyer.

The home you are purchasing must be your principal residence and owner-occupied.

Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement.

You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. You will also attend a FREE 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.

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:

American Financial Solutions, 888-864-8699

Parkview Services, Loretta Cael, 509-861-3330, www.parkviewservices.org

Urban League of Metropolitan Seattle, 800-368-1455

MAXIMUM INCOME LIMITS as of 06/3/2024

To be eligible for ARCH Downpayment Assistance, your household income must not exceed these limits:

Household Size	1	2	3	4	5	6	7	8
Household Income Limit	$77,700	$88,800	$99,900	$110,950	$119,850	$128,750	$137,600	$146,500

MAXIMUM PURCHASE PRICE as of 09/01/2024

New construction home limit is $660,000.
Existing home limit is $646,000.

USE OF FUNDS

Funds may be used for downpayment and closing costs based upon need. The Borrower’s downpayment requirement is 2% of the purchase price. Up to ½ of the 2% can be from gift funds.

PARTICIPATING CITIES

QUESTIONS

If you have questions about the ARCH East King County Downpayment Assistance Loan Program, please contact Dietrich Schmitz at 206-287-4459 or toll free at 800-767-4663, Ext. 459, or by e-mail dietrich.schmitz@wshfc.org.