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PROGRAM BROCHURES
Steps & Programs for Owning Your Own Home (PDF) 06/2011
New Home For You (PDF) 08/2011
FIRST MORTGAGE LOAN PROGRAMS
House Key State Bond Program
Fixed interest rate for 30 years:
4.25% with 2 points
| 4.50% with 1 point
| 4.75% with 0 points effective 08/19/2011
A New Home For You Pilot Program
for newly constructed, never occupied homes,
680+ credit score required
Fixed interest rate for 30 years:
4.00% with 2 points
| 4.25% with 1 point
| 4.50% with 0 points effective 08/19/2011
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 HOUSE KEY PARTNERS
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, 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),
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.
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QUESTIONS REGARDING PARTICIPATING LENDERS
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 1-2 persons |
Non-Targeted 3+ Persons |
Targeted 1-2 Persons |
Targeted 3+ Persons |
| Jefferson/Skagit/Whatcom | $70,000 | $80,000 | n/a | n/a |
| Clark/Island/Kitsap/Pierce/San Juan/Thurston | $80,000 | $90,000 | $80,000 | $90,000 |
| King/Snohomish | $90,000 | $97,000 | $90,000 | $97,000 |
| 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 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.
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.
02/03/2012