House Key State Bond Loan Program

First Mortgage Programs | Downpayment Assistance Programs | Targeted Areas | Recapture Tax |

Homeownership Program Brochure: Steps and Programs for Owning Your Own Home (PDF)

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.

House Key Interest Rates...

Fixed interest rate for 30 years*:

• 6.00% (maximum 2.00 points)
• 6.25% (maximum 1.00 point)
• 6.50% (with 0 points)

30 Year Interest Only, 40 Year Fixed, 40 Year Interest Only*:

• 6.25% (maximum 2.00 points)
• 6.50% (maximum 1.00 point)
• 6.75% (with 0 points)

*For conventional financing only, further pricing adjustments apply. These fees are paid directly to Fannie Mae and Freddie Mac upon loan purchase and not to the Washington State Housing Finance Commission or the lender. Please check with your loan officer for additional information.

How do I get started?

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 | SCHEDULE OF SEMINARS

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 HOUSE KEY PARTNERS

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 of your own.

Looking for additional help with homeownership?

Washington Homeownership Center is an unbiased, community-sponsored, non-profit 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 State Bond First Mortgage Loan

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 meet with a House Key trained loan officer and determine that you qualify for a mortgage loan according to FHA, VA, Rural Housing Services (RHS), or conventional loan standards. Conventional products include House Key Teacher, Fannie Mae's MyCommunityMortgage 30 year or 40 year, MyCommunityMortgage Interest Only, 80/20 loan program, HomeChoice, and Freddie Mac's Home Possible, then... you may qualify!
   

House Key Program Participating Lenders

These Participating Lenders have a proven track record of originating and closing House Key State Bond loans.  See Premier Partners.

Questions regarding Participating Lenders?
Please contact Lisa DeBrock at Lisa.DeBrock@wshfc.org or 206/287-4461.

Income Limits  Effective 04/25/2008

Borrowers must not exceed these Maximum Annual Income Limits:

Maximum Acquisition Cost Limits 

See Targeted Areas for more information and maps.

Federal Subsidy Recapture Tax

The House Key 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 Loan 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 program comes from the sale of tax-exempt bonds. We schedule the sales of the new bond issues to overlap to allow for continuous funding. In the event we should have a gap in funding, we will make an announcement on this website.

If you have questions about the House Key Program, please call us at 800.767.4663 or email askusHO@wshfc.org.

This page was modified on 07/02/2008.