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House KeyOpportunity

FIRST MORTGAGE LOAN PROGRAM

Home Advantage Rates | Opportunity Rates 

Interest Rate*        Origination Fee Points** Effective as of:
FHA, VA, & USDA Rural Development Loans:
4.125%   30-year fixed 1%    0 03/17/2017
Conventional Loans:
4.375%   30-year fixed 1%    0 03/17/2017

*Rates subject to change without notice. Homebuyers interested in applying for financing should contact one of the Commission's Participating Lenders. The Commission does not lend money directly to consumers. Participating Lenders pre-qualify consumers and originate all mortgage loans. This is not an advertisement for credit as defined in Regulation Z. Contact a Commission Participating Lender for Annual Percentage Rate (APR). This is not a commitment to lend. Visit heretohome.org for more information.
**Further fees may apply. Contact your participating loan officer for further information.

home ownersThe Opportunity Program is only available to applicants using the following downpayment assistance programs:

Opportunity

HomeChoice Program

Seattle

ARCH East King County

Tacoma

Pierce County

Veterans

Bellingham

Purchasers using community second programs previously used with the Opportunity program.
 
OR
 

Household purchasing never occupied new construction or in a community land trust (with or without the above downpayment assistance programs)

The Opportunity Program will be funded with tax-exempt mortgage revenue bonds and cannot be combined with the Mortgage Credit Certificate program. Additional IRS guidelines apply. Please talk with a Participating Lender.

HOW TO GET STARTED

Step 1: You must first attend a free Homebuyer Education seminar. It will provide you with the steps to buying your first home. You will receive a certificate upon completion of the class, valid for two years. This will be a requirement of your loan process. 
Homebuyer Education Seminar Schedule
 
Step 2: Contact a Commission-trained loan officer to see what you will qualify for. They can find the right loan type that will work with our programs.  They also know the income and acquisition cost limits we require. Premier Participating Loan Officers
 
Step 3: Once you know how much you qualify for, it is time to look for a home. Your lender and real estate professional will work with you to locate and finance a home.

ADDITIONAL HELP WITH HOMEOWNERSHIP

Washington Homeownership Resource Center is an unbiased, community-sponsored, nonprofit agency that knows the programs, products and people throughout Washington State that can help.
 

Washington State Dept. of Financial Institutions, protecting Washington homeowners and buyers. Free state sponsored counseling is available to Washington residents who are facing foreclosure, thinking of buying a home, or considering refinancing.  To speak with a counselor, call the Washington Homeownership Information Hotline at 1.877.894.HOME (1.877.894.4663).

OPPORTUNITY FIRST MORTGAGE LOAN AND SECOND MORTGAGE LOAN FOR DOWNPAYMENT ASSISTANCE

Do you qualify?

If you've attended and obtained a certificate from a Commission-sponsored homebuyer education seminar within the last two years; and...

If you are a first-time homebuyer, defined as someone who has not owned and occupied a primary residence at any time in the past 3 years (if you purchase in a Targeted Area you do not have to be a first-time homebuyer); and...

If you meet the program income and acquisition cost limits listed below; and...

If you are either purchasing never-occupied, new construction or you qualify for one of the following downpayment assistance programs:  Opportunity, HomeChoice, Seattle, ARCH, Tacoma, Veterans, or a community second programs previously used with the Opportunity program;
and ...

If you meet with a Participating Loan Officer and determine that you qualify for a mortgage loan according to FHA, VA, Conventional, Rural Housing Services (RHS),

Then... you may qualify!`

OPPORTUNITY PROGRAM PARTICIPATING LENDERS

These Participating Lenders have a proven track record of originating and closing Opportunity loans. 
See Premier Participating Loan Officer
.

1st Security Bank of Washington

Absolute Mortgage

Academy Mortgage

Alaska USA Mortgage

American Pacific Mortgage

Axia Home Loans

Bank 34

Bank of the Pacific

Banner Bank

Bay Equity LLC

Caliber Home Loans

Chimney Rock Mortgage

City First Mortgage Services

CMG Mortgage

Cornerstone Home Lending

DHI Mortgage

Diamond Residential Mortgage

Directors Mortgage

Eagle Home Mortgage

Envoy Mortgage

Equity Home Mortgage

Evergreen Home Loans

Fairway Independent Mortgage

Finance of America

First California Mortgage Co.

First Continental Mortgage

Global Credit Union

Guild Mortgage

Heritage Bank

HomeBridge Financial Services

HomeSight

HomeStreet Bank

Intercap Lending

Kiel Mortgage

Land Home Financial Services

Landmark Professional Mortgage

LeaderOne Financial

LoanDepot

LoanStar Home Lending

Mann Mortgage

Mortgage Express, LLC

Mortgage Master Service Corporation

Mountain West Bank

Movement Mortgage

Network Mortgage Services

New American Funding

Numerica Credit Union

On Q Financial

Opes Advisors

Paramount Equity Mortgage

Peoples Bank

Premier Mortgage Resources

Primary Residential Mortgage

Prime Lending

Priority Home Lending

Procura Mortgage

Prospect Mortgage

Security National Mortgage

Skyline Home Loans

Stearns Lending

Summit Funding

Summit Mortgage Corporation

The Advisors

Umpqua Bank

Universal American Mortgage

Veteran’s United Home Loans

Vitek Mortgage Group

Washington Trust

Wells Fargo Bank, NA

Wheatland Bank

QUESTIONS REGARDING PARTICIPATING LENDERS

The Commission welcomes new Participating Lenders into our programs.  Please contact Corinna Obar at corinna.obar@wshfc.org or 206-287-4414

INCOME LIMITS FOR OPPORTUNITY Effective 03/10/2016

Borrowers must not exceed these Maximum Annual Income Limits:

COUNTY Non-Targeted
1-2 persons
Non-Targeted
3+ Persons
Targeted
1-2 Persons
Targeted
3+ Persons
Island/Jefferson/Kitsap/Skagit/Thurston/Whatcom $70,000 $80,000 $70.000 $80,000
Clark/Pierce $80,000 $90,000 $80,000 $90,000
King/Snohomish $90,000 $97,000 $90,000 $97,000
San Juan $75,000 $90,000 n/a n/a
All other counties $65,000 $75,000 $80,000 $85,000

MAXIMUM ACQUISITION COST LIMITS

Borrowers purchasing in Target areas are encouraged as the Borrower does not need to be a first time homebuyer. See Targeted Areas for more information and maps.

COUNTY NON-TARGETED TARGETED
Clark $330,000 $360,000
Island $300,000 $360,000
Jefferson $295,000 n/a
King $450,000 $475,000
Kitsap $285,000 $335,000
Pierce $370,000 $395,000
San Juan $440,000 n/a
Skagit $285,000 n/a
Snohomish $370,000 $395,000
Whatcom $285,000 $335,000
All Other Counties $235,000 $285,000

FEDERAL SUBSIDY RECAPTURE TAX

The Opportunity Program uses the proceeds of tax-exempt bonds to provide first-time homebuyers the benefit of a lower interest rate.  Should the home financed using the Opportunity Program be sold or otherwise disposed of within nine years of purchase, this benefit may be "recaptured".   Please review this important information.

WHEN WILL THESE FUNDS BECOME AVAILABLE?

Funding for the Opportunity Program comes from the sale of tax-exempt bonds. Funds will be available June 24, 2015, on a first-come, first-served basis and are expected to go out quickly. A short wait list will be taken once fully reserved. If you have questions, please call us at 800.767.4663 or email askusHO@wshfc.org.

DISCLAIMER: The sponsorship by the Commission of a homebuyer education seminar does not endorse a person, business practice, product or service other than those of the Commission.

 

 
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