Pre-Purchase Homeownership Program
Parkview Services has been operating a Homeownership Program for first-time homebuyers with household members who are persons with Intellectual/ Developmental Disabilities since January 2006. In June of 2008, Parkview expanded the program to include serving persons with permanent disabilities as defined by the Americans with Disabilities Act of 1990.
Parkview Services Homeownership Program assisted 14 families realize the dream of homeownership in 2010. These individuals and families purchased homes in Snohomish, King & Pierce counties.
Parkview’s efforts to promote successful homeownership were supported by first time homebuyer classes provided by Parkview Services in partnership with supportive realtors and lenders. In addition, each family receives personal counseling in the areas of budgeting and credit by Parkview homeownership counselors.
Essential services that Parkview provides participants include individualized homebuyer education, pre and post purchase counseling, and post purchase maintenance support.
A key component of the program is a layered financing package that leverages funds from several public and private sources, to make homeownership possible for low and moderate-income households. These layers include the WA State Housing Trust Fund, Snohomish County, City of Everett, King County Housing Finance Program, City of Seattle, Washington State Housing Finance Commission, The Federal Home Loan Bank, and Housing Authorities.
Parkview Services works for people with disabilities, their families, and their advocates to create and implement a plan for homeownership that is practical and sustainable.There are two major components to Parkview’s program. The first is a home buyer education and counseling component and the second is down payment assistance.
Eligibility & Qualifications for the Down Payment Assistance Program:
- Purchase a house or condominium unit in King County or Snohomish County.
- Be an individual with a developmental disability (DD) or permanent disability as defined by the Americans with Disabilities Act or have a family member, with a developmental disability (DD) or a permanent disability as defined by the Americans with Disabilities Act, which will live with you.
- Be able to qualify for a mortgage now or sometime in the near future. No late payments in the last 12 months.
- Successfully complete Parkview Services’ individualized home buyer education curriculum.
- Successfully complete Parkview Services’ one-on-one pre-purchase budgeting and counseling curriculum. Have gross annual income from all sources that is less than 80% of the area median income. Some preference will be given to home buyers who have income below 50% of the area median.
- Be a first time home buyer (you have not owned a home within the last 3 years). There are some exceptions for displaced homemakers or if you purchase in a targeted area.
- Have at least $500 of your own money saved for a down payment. Additionally, have the great of $1000 or 2 months projected mortgage payments saved for post purchase reserves.
- The person with a developmental disability must have sufficient support services to ensure the health and safety of themselves and their home.