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Home Advantage Rates | House Key Opportunity Rates
House Key Opportunity Program
FIRST MORTGAGE LOAN PROGRAM
|Interest Rate||Origination Fee||Points*||Effective:|
|FHA, VA, & USDA Rural Development Loans:|
|3.50% 30-year fixed 1%||0||05/01/2014|
|3.75% 30-year fixed 1%||0||05/01/2014|
* Further fees may apply. Contact your participating loan officer for further information. Interest rate buydowns are prohibited.
HOUSE KEY OPPORTUNITY PROGRAM IS ONLY AVAILABLE TO:
Persons using the Commission’s HomeChoice Program
Veterans using the Commission’s Veterans Program
School employees using the Commission’s Schools Program
Homebuyers using the Commission’s Built New Program
East King County homebuyers using the Commission’s ARCH Program
Seattle homebuyers using the Commission’s Seattle Program
Tacoma homebuyers using the Commission's Tacoma Program
Purchasers of a Pontedera condominium offered for sale by HomeSight, a nonprofit housing developer serving the Puget Sound Region.
Purchasers in King, Pierce, and Snohomish Counties using the HomeSight Community Recovery Loan Program. For more information, contact HomeSight at email@example.com or 206-723-4355 or visit their website at http://www.homesightwa.org/homebuyer-opportunities/purchase-assistance/
Households making 80% and below AMI including borrowers purchasing in a community land trust (with or without downpayment assistance) based upon IRS Household Compliance Income. Please refer to 80% AMI Income Limit Chart.
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
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 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 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
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 not using one of the Commission's downpayment assistance programs and make 80% or below of HUD's Area Median Income; or...
If you qualify
for one of the following downpayment assistance programs:
Seattle, ARCH, Built New Program, or purchaser of a Pontedera condominium offered for sale by HomeSight or using the HomeSight Community Recovery Loan 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!
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
Bay Equity Mortgage
Canyon Park Mortgage
Chimney Rock Mortgage
City First Mortgage Services
Cornerstone Home Lending
Eagle Home Mortgage
Equity Home Mortgage
Evergreen Home Loans
Global Credit Union
Heritage Home Loans
Mortgage Advisory Group
Mountain West Bank
Network Mortgage Services
Paramount Equity Mortgage
Pinnacle Capital Mortgage
Primary Residential Mortgage
Summit Mortgage Corporation
Universal American Mortgage
Veteran’s United Home Loans
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|
Please refer to 80% and below AMI Income Limit Chart.
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 May 1, 2014, on a first-come, first-served basis. A wait list will not be taken. 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.