How does this work?

The Housing Authority of Snohomish County (HASCO) offers up to $35,000 in purchase assistance to modest-income first-time homebuyers. Buyers are required to complete an education and financial counseling program, offered by HomeSight. Buyers must save $2,500 or 2% of the purchase price of the home for their down payment. They get their first mortgage from a participating lender and a purchase assistance loan from HASCO. Terms of the purchase assistance loan are individualized for each buyer but are structured to create a very minimal burden and interest rates are 4-5%.

Worried about your payments?

Don't be! A rent payment of $995 is approximately equal to a mortgage payment of $1,293 because interest and property taxes are tax write-offs!

Who is eligible?

To qualify for a SnoHome Loan you must be a:

First-time homebuyer:

Anyone who has not owned a home in the last three years or has lost their home in a divorce

Snohomish County buyer:

Anyone purchasing a home somewhere in Snohomish County.

Modest-income buyer:

Any family with an annual income below these income limits:

• Household of 1 - $39,550
• Household of 2 - $45,200
• Household of 3 - $50,850
• Household of 4 - $56,500
• Household of 5 - $61,000
• Household of 6 - $65,550

What can we buy?

Any home on the open market in Snohomish County is priced below these purchase price guidelines:

• 2 Bedrooms - $156,000
• 3 Bedrooms - $166,000
• 4 Bedrooms - $176,000

What should you do?

Most families have something to work on before they are ready to buy, and that's where HomeSight comes in. HomeSight is a nonprofit community development corporation and HUD certified counseling agency. Click here to learn more about HUD.

Buyers participate in a first-time homebuyer education and financial counseling program. HomeSight teaches families how to clean up their credit, save for their down payment, figure out what they can afford to buy and find the right home.

Classes in the financial series cover predatory lending tactics, real estate documents and mortgage default prevention, budgeting, credit repair, investments and estate planning, and home, neighborhood and community maintenance.

In addition, buyers meet one-on-one for at least two hours of individualized financial counseling with HomeSight staff

What about other programs?

Other grants, purchase assistance products and low-interest mortgages may be available to you. HomeSight can help you sort out your options.

• Call HomeSight toll free at 888.749.4663 or click here to visit them online to request a Snohomish County information packet
• Check the class schedule, then call Everett Community College at 425.388.9214 and register for a 1.5 hour "HomeSight Fundamentals" class.