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House Key Opportunity Program

Got questions? Need help selecting a program? Having trouble completing a reservation?
We’re here to help with all of that and more! For a quick response please email us at info@heretohome.org or call 1-800-767-4663 and ask to speak with a Program Compliance Administrator in the Homeownership Division.


Home Advantage Rates | House Key Opportunity Rates | Habitat & CLT
 

Today's Rates

1. Freddie Mac HFA Advantage program - High Balance Loans not available.

2. FHA, USDA, VA and FANNIE programs - High Balance loans above $766,500 and up to $977,500 are allowed in High Cost Areas. No additional fees apply.

Click here to see 2023 80% AMI Limits - Conventional Loans

*Current loan amount may not exceed $766,500 in any county for Freddie Mac HFA Advantage.

Fannie Mae “HFA Preferred” and Freddie Mac “HFA Advantage” Pricing Has Changed

Beginning February 12, 2020, Freddie Mac has made changes to HFA Advantage that mirrors the changes Fannie Mae made to HFA Preferred on September 5, 2019. . Pricing benefits are limited to borrowers with incomes at or below 80% AMI. Our rate sheets reflect this change with higher pricing for borrowers above 80% AMI for both Fannie and Freddie. For more details, see our November 21, 2019 Program Announcement.

**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.

THE HOUSE KEY OPPORTUNITY PROGRAM IS ONLY AVAILABLE TO APPLICANTS USING THE FOLLOWING DOWNPAYMENT ASSISTANCE PROGRAMS:

Opportunity

HomeChoice Program

ARCH East King 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).

HOUSE KEY 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, Bellingham, ARCH, 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!`

HOUSE KEY 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

Academy Mortgage

American Pacific Mortgage

Axia Home Loans

Banner Bank

Bay Equity LLC

Caliber Home Loans

Canopy Mortgage

Cardinal Financial

Churchill Mortgage

CMG Mortgage

Community First Mortgage

Cornerstone Home Lending

CrossCountry Mortgage

DAS Acquisition

DHI Mortgage

Diamond Residential Mortgage

Directors Mortgage

Envoy Mortgage

Everett Financial

Evergreen Home Loans

Fairway Independent Mortgage

Guaranteed Rate

Global Federal Credit Union

Guild Mortgage

Highlands Residential Mortgage

HomeBridge Financial Services

HomeSight

HomeStreet Bank

International City Mortgage

Ixonia Bank

LeaderOne Financial

LoanDepot

Lower LLC

Luminate Home Loans

Mann Mortgage

MLD Mortgage

Movement Mortgage

New American Funding

NewRez

NFM Lending

Northpointe Bank

Nova Financial

On Q Financial

Paramount Residential Mortgage Group

Penrith Home Loans

Premier Lending

Premier Mortgage Resources

Primary Residential Mortgage

Prime Lending

Priority Home Lending

Revolution Mortgage

Summit Funding

Summit Mortgage

Sunflower Bank

Synergy One Lending

T2 Financial

Umpqua Bank

US Bank

Wallick & Volk

Wheatland Bank

Willamette Valley 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 HOUSE KEY OPPORTUNITY Effective 09/02/2022

Borrowers must not exceed these Maximum Annual Household Income Limits:

COUNTY Non-Targeted
1-2 persons
Non-Targeted
3+ Persons
Targeted
1-2 Persons
Targeted
3+ Persons
Clark/Skamania $110,000 $125,000 $120,000 $140,000
King/Snohomish $150,000 $175,000 $150,000 $175,000
Kitsap $100,000 $115,000 $120,000 $140,000
Pierce $115,000 $135,000 $115,000 $135,000
All other counties $100,000 $115,000 $120,000 $140,000

MAXIMUM ACQUISITION COST LIMITS Effective 05/31/2022

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. **Loan amounts of $766,500 and up to $977,500 in high cost areas permitted, except with Freddie Mac HFA Advantage.

COUNTY NON-TARGETED TARGETED
Clark/Skamania $495,000 $550,000
Island $400,000 $475,000
King/Pierce/Snohomish $675,000 $750,000
Kitsap $410,000 $500,000
San Juan $410,000 $480,000
Whatcom $425,000 $500,000
Skagit/Thurston $390,000 $475,000
All Other Counties $345,000 $400,000

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 House Key Opportunity Program comes from the sale of tax-exempt bonds. Funds will be available on a first-come, first-served basis. If you have questions, please call us at 800.767.4663 or email info@heretohome.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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