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ARCH East King County Downpayment Assistance Loan

Washington

Available Assistance

The ARCH East King County Downpayment Assistance Loan provides up to $30,000 in down payment assistance at 4 percent simple interest. The borrower’s down payment requirement is 2 percent of the purchase price. Up to ½ of the 2 percent can be from gift funds. There are no monthly payments for this loan, and the balance is due when the home is sold, refinanced, transferred, paid off, or no longer serves as the borrower's primary residence.

Eligibility Requirements

Unlike most down payment assistance programs, this one is not limited to first-time homebuyers. There are, however, certain requirements that all applicants must meet. Borrowers must attend and complete a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission, as well as a free, one-on-one, pre-purchase counseling session. Online Homebuyer Education will not meet the seminar requirement for this program.This program is only available to residents of the following, eligible cities: Beaux Arts Village, Bellevue, Bothell, Clyde Hill, Hunts Point, Issaquah, Kenmore, Kirkland, Medina, Mercer Island, Newcastle, Redmond, Sammamish, Woodinville, and Yarrow Point.

Property Guidelines

The home being purchased must serve as the borrower's primary residence and must be 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. The purchase price limit for new and existing constructions is $373,000.

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