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House KeyHouse Key Opportunity

FIRST MORTGAGE LOAN PROGRAM

Home Advantage Rates | House Key Opportunity Rates 

Interest Rate*        Origination Fee Points** Effective as of:
FHA, VA, & USDA Rural Development Loans:
3.625%   30-year fixed 1%    0 11/21/2016
Conventional Loans:
3.875%   30-year fixed 1%    0 11/21/2016

*This is not an advertisement for credit as defined in Regulation Z; contact a WSHFC Participating Lender for Annual Percentage Rate ("APR").
**Further fees may apply. Contact your participating loan officer for further information.

HOUSE KEY OPPORTUNITY PROGRAM IS ONLY AVAILABLE TO

Applicants using the following downpayment assistance programs:

home ownersOpportunity

HomeChoice Program

Seattle

ARCH East King County

Tacoma

Pierce County

House Key Veterans

Bellingham

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

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

The House Key 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, Seattle, ARCH, Tacoma, House Key Veterans, or a community second programs previously used with the House Key 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 House Key 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 of the Pacific

Banner Bank

Bay Equity Mortgage

Caliber Home Loans

Chimney Rock Mortgage

City First Mortgage Services

CMG Mortgage

Cornerstone Home Lending

DHI Mortgage

Directors Mortgage

Eagle Home Mortgage

Envoy Mortgage

Equity Home Mortgage

Evergreen Home Loans

Fairway Independent Mortgage

Global Credit Union

Guild Mortgage

HomeSight

HomeStreet Bank

imortgage

Intercap Lending

Kiel Mortgage

Land Home Financial Services

Landmark Professional Mortgage

LeaderOne Financial

LoanStar Home Lending

Mann Mortgage

Mortgage Express, LLC

Mortgage Masters

Movement Mortgage

Network Mortgage Services

New American Funding

Numerica Credit Union

On Q Financial

Opes Advisors

Peoples Bank

Pinnacle Capital Mortgage

Primary Residential Mortgage

Prime Lending

Priority Home Lending

Procura Mortgage

Prospect 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

Wallick & Volk

Washington Trust

Wells Fargo Bank, NA

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 WITH COMMISSION DOWNPAYMENT ASSISTANCE Effective 05/16/2014

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 $300,000 n/a
King $450,000 $475,000
Kitsap $285,000 $335,000
Pierce $370,000 $395,000
San Juan $450,000 $475,000
Skagit $285,000 n/a
Snohomish $370,000 $395,000
Whatcom $285,000 $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 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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Phone: 206-464-7139 or 800-767-4663
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