Jay Inslee: Washington's 1st Congressional District
Issues
Education
Inslee Announces Extensive Housing Loan Package for Teachers in the Northshore School District
March 26, 2002
[ Read a newspaper article about this program ]
U.S. Rep. Jay Inslee announced a new housing loan program today for the Northshore School District that is designed to help teachers afford to live in the community in which they work. The Northshore School District's "Hometown Loan Program" offers down payment and closing cost assistance, low-cost mortgages, and free pre-purchase counseling to all Northshore District employees. As a strong supporter of education and a member of the House Financial Services Committee, U.S. Rep. Jay Inslee has been actively involved in the effort to make this comprehensive housing package a reality.
"Teachers are one of our state's most valuable resources," said Inslee. "This initiative rewards their hard work and dedication by helping them achieve homeownership in the high-cost Puget Sound area. I applaud the Northshore School District's leadership for working with both the public and private sectors to craft solutions to help meet their employees' needs."
Details about the program:
The Northshore School District's initiative offers a variety of benefits through Home Street Bank, including reduced loan fees and closing costs, and free pre-approvals. The initiative reduces the loan origination fee by 50 percent and discounts other costs, such as home inspections, appraisals, and escrow fees, saving the average borrower $1,500 or more on closing costs and fees.
Additionally, Northshore School District employees can receive up to $25,000 in down payment and closing cost assistance, funded by Snohomish County, the Housing Authority of Snohomish County, and King County. The down payment assistance program will be administered through HomeSight, a nonprofit affordable housing organization. HomeSight will make free pre-purchase counseling available at schools and will work closely with school district employees to determine the best loan program to meet their individual needs.
The initiative utilizes the most flexible mortgage financing products available, including House Key Teacher, a mortgage option created by Fannie Mae and the Washington State Housing Finance Commission that permits down payments as low as one percent of the home purchase price or $500, and considers non-traditional credit histories. Under the Northshore School District’s initiative, mortgage loans will be originated by HomeStreet Bank and purchased by Fannie Mae.
Fannie Mae helps employers design and develop a customized employer-assisted housing benefit to assist their employees with homeownership. The development of the Northshore School District’s Hometown Home Loan Program is part of Fannie Mae’s American Dream Commitment to invest $2 trillion dollars to serve over 18 million targeted American families.