Homeownership Program FAQ's

What is the House Key State Bond Program?

The House Key State Bond program is a loan program that many lenders use to help a first-time homebuyer purchase their first home at an interest rate that is below the market interest rate.  Your lender will qualify you on a typical 30-year mortgage loan program using our lower interest rate.

What kind of property can I finance?

A single family home, town home, condominium, and in some instances, a manufactured home, can be financed with the House Key State Bond loan program. 

What are the interest rates? 

Current interest rates>>

What are the benefits of the House Key State Bond program?

By using the House Key State Bond loan program with the below-market interest rate options, you can lower your monthly mortgage payment.  There are also down payment assistance loan programs to assist eligible homebuyers with both their closing costs and down payments.

Are there any income or acquisition cost limitations?

Yes, and the limits are listed under the House Key State Bond loan program in this web site by family size and by county.

How do I qualify for this program? Will you be making the loan to me directly?

House Key State Bond Participating Lenders qualify, process, and underwrite your loan. The Commission does not make the loan directly to you.

How do I get started?

You must first attend a free Homebuyer Education seminar and receive a certificate, valid for two years.  After you have taken the seminar, you may contact any of the Participating Lenders listed on our website, and which will also appear on our brochure you will receive in the seminar. When contacting any of the Participating Lenders, always ask for a House Key State Bond Trained loan officer, as they are the only ones who will be familiar with our programs.  You may also contact us directly for names of Participating Lenders and their House Key trained loan officers. You may call us at 800-767-4663 or at askusho@wshfc.org.

Who must attend the HBED Seminar?

The seminar is 5-hours and all parties who will be signing on the Deed of Trust must attend the seminar.

Do you have down payment assistance?

We have several down payment assistance loan programs listed on our website to help you with closing costs and the down payment.  All of the down payment assistance programs must be used with the House Key State Bond loan program.  They are listed in this website.

Do I have to be a first-time homebuyer to use these programs?

Yes.  We define a first-time homebuyer as someone who has not owned AND occupied a primary residence at any time in the past 3 years.  If you purchase a home in a Targeted Area, you do not have to be a first-time homebuyer.

What is a Targeted Area?

Targeted areas are census tracts in Washington State meeting federal guidelines as economically distressed, which can be found in this website.

Are state funds used for the House Key State Bond loan program?

No. The House Key State Bond loan program uses no taxpayer dollars.

What is an 80/20 loan program?

It is a conventional loan program that has two loans.  The first mortgage is based on 80% of the purchase price of your home and the second mortgage is based on 20% of the purchase price of your home.  This program is offered through Commission approved lenders.  The benefit of the program is there is no monthly private mortgage insurance payments on your loan.

We thank you for taking time to visit our web site.  Let us know if we can assist you on the path to owning your first home: anna.porkalob@wshfc.org

This page was modified on 04/16/2008.