HOME BUYER PROGRAMS
• Home Advantage
• MCC
• House Key Opportunity
• Homebuyer Education
• Downpayment Assistance
• Premier Lenders
• Guide/Newsletter
• Counseling Providers
House Key Opportunity Program
First Mortgage Loan Program
Fixed interest rate for 30 years:
FHA, VA & USDA Rural
Development Loans:
2.50% with 1% Origination, 0 points* effective 08/15/2012
Conventional Loans:
2.75%
with 1% Origination, 0 points* effective 08/15/2012
* Further fees may apply. Contact your participating loan officer for further information.
The House Key Opportunity First Mortgage Loan Program will only be available to:
Persons using the Commission’s HomeChoice Program.
Veterans using the Commission’s House Key Veterans Program.
School employees using the Commission’s House Key Schools Program.
Homebuyers using the Commission’s New Home for You Program.
East King County homebuyers using the Commission’s House Key ARCH Program (when available).
Purchasers of a Pontedera condominium offered for sale by HomeSight, a nonprofit housing developer serving homebuyers in the Puget Sound Region (DPA up to $10,000 @ a 5% rate amortized over 10 years is available).
The House Key Opportunity Program will be funded with the remaining tax-exempt mortgage revenue bonds we plan to issue. Additional IRS guidelines apply. Please talk with a Participating Lender.
How
to Get Started
- 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
- 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
- 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).
House Key Opportunity First Mortgage Loan and Second Mortgage 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 qualify
for one of the following downpayment assistance programs:
HomeChoice, House
Key Schools, House Key Veterans,
House Key ARCH, New Home for You
Program, or purchaser of a
Pontedera condominium offered for sale by HomeSight; 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!!
House Key Program Participating Lenders
These
Participating Lenders have a proven track record of originating and
closing House Key Opportunity loans.
See Premier Participating Loan Officer.
|
Academy Mortgage AlaskaUSA Mortgage American Pacific Mortgage AmericanWest Bank Axia Home Loans Banner Bank Canyon Park Mortgage City First Mortgage Services Cobalt Mortgage Cornerstone Home Lending DHI Mortgage Directors Mortgage Eagle Home Mortgage Equity Home Mortgage Evergreen Home Loans Guild Mortgage HomeStreet Bank Mortgage Advisory Group Mortgage Masters |
Mountain West Bank Network Mortgage Services Northwest Mortgage Alliance Paramount Equity Mortgage Peoples Bank Pinnacle Capital Mortgage Prime Lending Prospect Mortgage Quadrant Home Loans Republic Mortgage Sound Mortgage Sterling Bank Summit Mortgage Corporation The Advisors Universal American Mortgage Wallick & Volk Washington Trust Wells Fargo Bank, NA |
Questions Regarding Participating Lenders
The Commission welcomes new
Participating Lenders into our programs.
Please contact Lisa DeBrock at
Lisa.DeBrock@wshfc.org or 206-287-4461.
Income Limits Effective 08/27/2010
Borrowers must not exceed these Maximum Annual Income Limits:
COUNTY |
Non-Targeted
|
Non-Targeted
|
Targeted
|
Targeted
|
| Jefferson/Skagit/Whatcom | $70,000 | $80,000 | n/a | n/a |
| Clark/Island/Kitsap/Pierce/Thurston | $80,000 | $90,000 | $80,000 | $90,000 |
| King/Snohomish | $90,000 | $97,000 | $90,000 | $97,000 |
| San Juan | $78,000 | $90,000 | n/a | n/a |
| All other counties | $65,000 | $75,000 | $80,000 | $85,000 |
Maximum Acquisition Cost Limits
See Targeted Areas for more information and maps.
COUNTY |
Non-Targeted |
Targeted |
| Clark | $330,000 | $360,000 |
| Island | $330,000 | $360,000 |
| Jefferson | $370,000 | $395,000 |
| King | $450,000 | $475,000 |
| Kitsap | $300,000 | $335,000 |
| Pierce | $370,000 | $395,000 |
| San Juan | $450,000 | $475,000 |
| Skagit | $285,000 | n/a |
| Snohomish | $370,000 | $395,000 |
| Whatcom | $300,000 | $335,000 |
| All Other Counties | $235,000 | $285,000 |
Federal Subsidy Recapture Tax
The House Key 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 House Key
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 House Key Opportunity Program comes from the sale of tax-exempt bonds. Funds will be available August 15, 2012, on a first-come, first-served basis. A small wait list will be taken once funds have been 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.
04/29/2013