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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.
How does the House Key ARCH Program work?
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
Parkview Services, Marnie Claywell, 206.542.6644 ext 126
Apprisen Financial, Karl Hoffman 253.588.1858 ext 1412
Maximum Income Limits as of 01/01/2013
To be eligible for House Key Plus Arch, your household income must not exceed these limits:
1 person $45,100 | 2 person $51,550 | 3 person $58,000 | 4 person $64,400
5 person $69,600 | 6 person $74,750 | 7 person $79,900 | 8 person $85,050
Maximum Purchase Price as of 08/23/2013
Existing Construction home limit $261,000
New Construction home limit $285,000
How are the funds used?
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.
Beaux Arts Village | Bellevue | Bothell | Clyde Hill | Hunts Point | Issaquah | Kenmore | Kirkland | Medina | Mercer Island | Newcastle | Redmond | Sammamish | Woodinville | Yarrow Point
Questions about 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.