Home$tart Savings
This savings program is available to qualified first-time homebuyers. Offered in partnership with the Federal Home Loan Bank of Seattle, the Home$tart Savings program provides $3 for every $1 homebuyers save, up to $5,000. It also offers an interest rate higher than our standard savings account.
- Summary
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- Strict income limitations (80 percent of area median income or less) and other criteria apply
- Funds are subject to availability from the Federal Home Loan Bank of Seattle
- Home$tart Savings Program matches with $3 for every $1 saved
- No minimum balance requirement
- Only $25 minimum deposit to open
- Interest is 0.25% higher than Basic Savings
- Interest compounded daily, paid quarterly
- Free online banking
- Free eStatements
- Accepts direct deposit or auto transfer from another account
- FDIC insured
- Program Overview
The Home$tart Program promotes homeownership by helping first-time homebuyers who are at an economic disadvantage acquire the funds to purchase a home. Eligibility is available for residents earning up to 80% of the region's median income.
- Home$tart grants may be used for down payment, closing costs, or rehabilitation of an owner-occupied housing unit, including a condominium, to be used as the household's primary residence
- Home$tart provides $3 for every $1 a household contributes up to $5,000
- The Home$tart Plus Program provides households receiving public housing assistance with $2 for every $1 of the household's funds, up to $10,000
- Grants may be used in combination with funds from other sources (e.g., FHA mortgages and state bond programs)
Learn more about these programs and contact a Seattle Mortgage Company branch today.
