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Home Buying & Refinancing Options

As a UW employee, you may be eligible for one of the following local, state, or federal programs designed to help make homeownership more affordable. All programs are subject to fund availability.

Local Programs

Hometown Home Loan Program

This UW-sponsored program offers a wide variety of loan options for first-time buyers, including VA/FHA, jumbo, remodeling, and refinance. UW employees receive significant savings on closing costs for purchases and refinances, realtor discounts of up to 1% for purchases and listings, on-campus homeownership education, and access to down payment assistance. Learn more.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

Live Downtown Tacoma Program

Effective April 2011, HomeStreet Bank, REMAX, and Live Downtown Tacoma launched a 2-year pilot program that saves you money when you purchase a home in eligible areas of downtown Tacoma. For more information, contact:

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

HomeStart Savings Program

This program helps customers accumulate funds for down payment and closing costs by matching $3 for every $1 you save, up to $5000. These funds can be used toward the purchase of your first home. Eligible borrowers must have an income of 80% or less of the area's median income.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

HomeSight Program

This is a low-down-payment loan program offering first-time home buyers down payment assistance loans for home purchases in targeted areas, within certain income limits. The HomeSight Program if for:

Learn more at www.homesightwa.org or call 206-723-4355.

SnoHome Program

The "SnoHome Program" is a low-down-payment loan program offering first-time home buyers down payment assistance loans. Available to borrowers purchasing homes in Snohomish County with incomes at or below 100% of median. Learn more at www.homesightwa.org or call 206-723-4355.

State Programs

House Key Program

This is a low-interest rate, low-down-payment loan program for first-time homebuyers. You do not have to be a first-time homebuyer if you are buying a home in a targeted area. Maximum income and purchase price limits apply. For more information, contact the Washington State Housing Finance Commission or call toll-free at 800-767-4663.

House Key Plus Program

This is a low-interest-rate, low-down payment loan program also offers down payment assistance. Down payment and closing cost assistance loans are available, depending on borrower income, with a term of 10 years. Maximum income and purchase price limits apply. For more information, contact the Washington State Housing Finance Commission or call toll-free at 800-767-4663.

HomeChoice

This is a single-family mortgage designed to meet the mortgage underwriting needs of low- and moderate-income people who have disabilities or have family members with disabilities living with them. HomeChoice mortgages offer a down payment as low as $500, greater flexibility in qualifying and underwriting standards, and acceptance of nontraditional credit histories. For more information, contact the Washington State Housing Finance Commission or call toll-free at 800-767-4663.

Federal Programs

Home Affordable Refinance Program (HARP II)

Designed to help responsible homeowners take advantage of historically low mortgage rates, HARP II removes many of the loan-to-value (i.e. loan amount as compared to market value of home) guidelines that have prevented many homeowners from refinancing due to low property values. In general, borrowers must meet the following criteria:

For more information, contact:

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/hometown

Look up your loan:
www.fanniemae.com/loanlookup
www.freddiemac.com/mymortgage

Freddie Mac's Frequently Asked Questions

Note: If you have an FHA or any other type of mortgage, you may be eligible to refinance, but different guidelines apply.

Making Home Affordable Program

Are past credit difficulties are keeping you from qualifying for a lower-cost conventional mortgage? The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.  For more information, visit http://www.makinghomeaffordable.gov

Fannie Mae's HomeKeeper™ and Home Equity Conversion Mortgage (HECM)

The HECM loan program allows senior homeowners to obtain cash by borrowing against the equity they have in their home or condominium. Repayment is not required as long as you live in the home. HomeStreet Bank also offers discounts on reverse mortgages for UW employees and immediate family members.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

FHA 203(k)

If you want one loan to buy and renovate a home and:

Then the FHA 203(k) may be right for you. Its features are:

The ceiling on FHA 203(k) renovation loans has increased to equal the maximum allowable loan amount for the area, so even buyers in more expensive regions can take advantage of this great loan option.

HomeStreet Bank
206-628-0207 or toll-free at 888-425-6990
www.homestreet.com/UW

Homebuyer Education and Information

Free homebuyer education seminars are held on an ongoing basis throughout Washington State. to obtain information on scheduled seminars and registration, contact the Washington State Housing Finance Commission at 1-800-767-4663, extension 775.

Homebuyer seminars are also available through HomeStreet Bank at 206-628-0207.

HomeStreet Bank also hosts on-campus brown bag seminars on a variety of homeownership topics from budgeting & credit and buying your first home to refinancing and selling your home. For a list of upcoming seminars or on-campus homeownership counseling sessions visit www.homestreet.com/UWBrownBags.
More information for first-time homebuyers is available through the Washington Homeownership Center at 1-800-317-2918.

To obtain a referral to a nonprofit organization in your area that can provide you with more information about the home buying process, call 1-800-7FANNIE (1-800-732-6643)..

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