PRODUCT FEATURES HOMESIGHT PUGET SOUND REVOLVING LOAN FUND PRODUCT (2ND Mortgage) Interest Rate Below 80% median income: Rate is 1.5% above 1 mortgage rate st Above 80% median income: Rate is 2% above 1 mortgage rate st Term CITY OF SEATTLE HOPE LOAN PRODUCT* (3rd Mortgage; *Administered by City of Seattle Office of Housing or HomeSight) 3% Simple Interest (3.012% APR) Maximum Amount Up to $60,000 based on need and eligibility. nd rd 2 & 3 combined assistance amount can’t exceed $95,000 Deferred Payment Loan. No payments first 30 years. th Interest accrues but is not due until 30 year, upon sale, transfer of title, transfer of use, or cash refinance. Shared Appreciation-percentage of equity is paid to down payment assistance provider when the home is sold, cash refinance, transfer of use or transfer of title. Shared Appreciation is 0% after year 10. Up to $70,000 based on need and eligibility*. nd rd 2 & 3 combined assistance amount can’t exceed $95,000 Loan Fees $200 or 2% of total assistance, whichever is greater None 30 year conforming fixed rate mortgages 30 year conforming fixed rate mortgages First Time Buyer Up to 120% Median Income Based Upon Household Size: 1 person household-- $ 74,100 2 person household-- $ 84,700 3 person household-- $ 95,300 4 person household-- $ 105,850 No ownership of principal residence within past 3 years. Up to 80% Median Income Based Upon Household Size: 1 person household-- $44,750 2 person household-- $51,150 3 person household-- $57,550 4 person household-- $63,900 No ownership of principal residence within past 3 years. Occupancy Must reside in property as primary principal residence. Must reside in property as primary principal residence Education Requirements Must complete HomeSight’s Educational Curriculum & Financial Assessment. Must complete HomeSight’s Educational Curriculum & Financial Assessment. Buyer Cash Required $2,500 or 1% of purchase price, whichever is greater. Some funds may be received in a gift. th Must purchase within Seattle City limits defined as 145 in the North, Roxbury in the SW. Call for south Seattle limit. Fee simple properties only including single unit homes, town homes, condos or manufactured homes permanently affixed to real property. Must pass inspection by HomeSight-approved State Licensed Home Inspector. $2,500 or 1% of the purchase price, whichever is greater. Some funds may be received in a gift. th Must purchase within Seattle City limits defined as 145 in the North, Roxbury in the SW. Call for south Seattle limit. Fee simple properties only including single unit homes, town homes, condos or manufactured homes permanently affixed to real property. Must pass inspection by HomeSight-approved State Licensed Home Inspector. Maximum Purchase Price None Occupancy Property must be vacant or owner-occupied at time of showing. Purchase price guidelines are $288,000 for existing homes, $294,000 for new homes. Purchase price guidelines conform to HOME purchase limits. Property must be vacant or owner-occupied at time of showing. 30-year Amortizing Loan. Monthly payments of Principal and Interest. Due upon sale, transfer of title, transfer of use, or cash refinance. st Eligible 1 Mortgage BORROWER ELIGIBILITY 2014 Income Eligibility Requirements as Published by HUD Eligible Properties PRODUCTS SUBJECT TO CHANGE/AVAILABILITY AT ANY TIME. Revised 9/30/2014