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House Key Plus ARCH East King County Program

House Key Plus ARCH East King County ProgramHouse Key Plus ARCH East King County Down Payment Assistance Loan Program combines with the House Key State Bond below-market interest rate 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.

How does the program work?

You must be able to qualify for the House Key State Bond first mortgage loan program. This program allows up to $30,000 in down payment 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, and 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.

Maximum Income Limits

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

1 person $44,800 | 2 person $51,200 | 3 person $57,600 | 4 person $64,000
5 person $69,100 | 6 person $74,250 | 7 person $79,350 | 8 person $84,300

Maximum Purchase Price

$362,790

How are funds used?

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

Participating Lenders

See House Key Program for participating lenders.

Participating Cities

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

If you have questions about the House Key Plus Arch East Down Payment Assistance Program, please contact Karen Carlson at 206.287.4413 or toll free in Washington State 800.767.4663, Ext. 413, or by e-mail karen.carlson@wshfc.org.

This page was modified on 03/05/2010.