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House Key Plus ARCHHouse Key Plus ARCH East King County   

DOWNPAYMENT ASSISTANCE LOAN PROGRAM

House Key Plus ARCH East King County Downpayment Assistance Loan Program combines with the Home Advantage first mortgage loan program. This program is for people buying a home or condominium within an ARCH member city or surrounding unincorporated east King County ARCH area.

HOUSE KEY PLUS ARCH PROGRAM DESCRIPTION

You must be able to qualify for the Home Advantage first mortgage loan program. This program allows up to $30,000 in downpayment assistance at 4% simple interest. 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). You must be a first-time homebuyer and the home you are purchasing must be your principal residence and owner-occupied. The definition of a first-time homebuyer is that you have not owned a home anytime in the past three years.

You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. You will also attend a FREE 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. Online Homebuyer Education will not meet the seminar requirement for this program.

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:
Parkview Services, Marnie Claywell, 206.542.6644 ext 126
Apprisen Financial, Karl Hoffman 253.588.1858 ext 1412

MAXIMUM INCOME LIMITS as of 01/03/2014

To be eligible for House Key Plus Arch, your household income must not exceed these limits:

1 person $44,750 | 2 person $51,150 | 3 person $57,550 | 4 person $63,900
5 person $69,050 | 6 person $74,150 | 7 person $79,250 | 8 person $84,350

MAXIMUM PURCHASE PRICE as of 08/23/2013

Existing Construction home limit $261,000
New Construction home limit $285,000

USE OF FUNDS

Funds may be used for downpayment and closing costs based upon need. The Borrower’s downpayment requirement is 2% of the purchase price. Up to ½ of the 2% can be from gift funds.

PARTICIPATING LENDERS

See Premier Participating Loan Officers.

PARTICIPATING CITIES

Beaux Arts Village | Bellevue | Bothell | Clyde Hill | Hunts Point | Issaquah | Kenmore | Kirkland | Medina | Mercer Island | Newcastle | Redmond | Sammamish | Woodinville | Yarrow Point

QUESTIONS?

If you have questions about the House Key Plus ARCH East King County Downpayment Assistance Program, please contact Karen Carlson-Bunce at 206.287.4413 or toll free in Washington State 800.767.4663, Ext. 413, or by e-mail Karen.Carlson-Bunce@wshfc.org.

01/03/2014 

     
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Washington State Housing Finance Commission
1000 Second Avenue, Suite 2700, Seattle, WA 98104
Phone: 206.464.7139 or 800.767.4663 | Fax: 206-587-5113 | WebMaster@wshfc.org
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