#Arch mi guidelines free
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. AMITRAC and AMIQuiC are a set of easy-to-use worksheet calculators specifically designed for underwriters and other mortgage professionals.
#Arch mi guidelines full
Arch MI will gladly consider an exception for higher acreage upon receipt of a full file for review. You will also attend a FREE one-on-one pre-purchase counseling session. Use Arch MI’s Advanced Calculators for Faster Analysis. Our Standard Program guidelines indicate a maximum of 15 acres. CA 2018-03-AMGC Introducing our New Arch Mortgage Guaranty Company Underwriting Manual.
#Arch mi guidelines manual
CA 2019-01-AMGC Expansions to the AMGC Community Program and Miscellaneous Underwriting Manual Updates. You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. CA 2019-02-AMGC Medical and Dental Professionals Program Expansion. 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. 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 By providing mortgage insuranceand sharing the risk of default for mortgage lending, Arch MI helps credit unions and investors expand their lending opportunities. This program is for qualified borrowers purchasing a home or condominium within an ARCH member city. Thank you for choosing Arch MI as your mortgage insurance provider. 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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