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. To be eligible for ARCH Downpayment Assistance, your household income must not exceed these limits: Household Size 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. Topics will include adding fields to the Report Database, creating reports, filter criteria, using Excel calculations and managing reports.
#ARCH MI GUIDELINES HOW TO#
How to create and run reports in Encompass. Our LO Toolbox is a complete resource for Loan Originators. Description: Preview of the new Encompass Reports webinar. You do not need to be a first-time homebuyer. Get all the MI tools, products and solutions you need to originate loans insured by Arch MI. 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).
This program allows up to $30,000 in downpayment assistance at 4% simple interest. ARCH DOWNPAYMENT ASSISTANCE PROGRAM DESCRIPTION
This program is for qualified borrowers purchasing a home or condominium within an ARCH member city. Opportunity first mortgage loan programs. The revised guidelines are summarized below.
#ARCH MI GUIDELINES MAC#
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 Both Fannie Mae and Freddie Mac have updated their borrower-paid mortgage insurance (BPMI) guidelines to meet the requirements of the Homeowners Protection Act (HPA) of 1998 and to address MI cancellations not covered by the HPA.
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