Household income must be adjusted for family size. Interested lenders must submit the application to the Seattle Bank by March 31, 2000. Borrower saves in a dedicated savings account established by the lending institution for at least six months.
Borrowers can count documented prior savings history toward the six-month requirement.
Households receiving public housing assistance and participating in the Family Self Sufficiency program may use their escrow accounts as a dedicated savings account. These households must have a signed Family Self Sufficiency contract with their local public housing authority. Home must be purchased within two years of enrollment. Enrollment dates for public housing families will be determined on a case by case basis. Grants may be used for downpayment and closing costs only.