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House Key Opportunity Program
First Mortgage Loan Program
Fixed interest rate for 30 years:
FHA, VA & USDA Rural
2.50% with 1% Origination, 0 points* effective 08/15/2012
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
- 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
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
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:
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!!
Participating Lenders have a proven track record of originating and
closing House Key Opportunity loans.
See Premier Participating Loan Officer.
American Pacific Mortgage
Axia Home Loans
Canyon Park Mortgage
City First Mortgage Services
Cornerstone Home Lending
Eagle Home Mortgage
Equity Home Mortgage
Evergreen Home Loans
Mortgage Advisory Group
Mountain West Bank
Network Mortgage Services
Northwest Mortgage Alliance
Paramount Equity Mortgage
Pinnacle Capital Mortgage
Quadrant Home Loans
Summit Mortgage Corporation
Universal American Mortgage
Wallick & Volk
Wells Fargo Bank, NA
Questions Regarding Participating Lenders
Borrowers must not exceed these Maximum Annual Income Limits:
|All other counties||$65,000||$75,000||$80,000||$85,000|
Maximum Acquisition Cost Limits
See Targeted Areas for more information and maps.
|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.