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. DTI limits for other programs and/or jumbo loan amounts may vary full guidelines are available on our Underwriting page. To be eligible for ARCH Downpayment Assistance, your household income must not exceed these limits: Household Size Under Arch MI’s Standard Underwriting Requirements, loans will also be given consideration when the DTI exceeds 45 up to a maximum of 50 for conforming loan amounts. 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. 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. The lender then remits the prepaid premiums to Arch MI when the construction-to-perm loan closes, thus activating coverage. MI Prepayment Option: Borrowers can prepay up to 12 months of MI premium in advance. 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). mortgage insurance (MI) payment remittance during the construction phase of a construction-to-perm loan. This program allows up to $30,000 in downpayment assistance at 4% simple interest. Arch MI offers flexible refinance options for loans owned by portfolio lenders, other investors, and non-GSE loans which are not HARP eligible. Learn more about your rights and responsibilities under our current Master Policy. ARCH DOWNPAYMENT ASSISTANCE PROGRAM DESCRIPTION The Arch MI Master Policy is the cornerstone of your relationship with us. This program is for qualified borrowers purchasing a home or condominium within an ARCH member city. Opportunity first mortgage loan programs. 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
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