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House KeyHome 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
Conventional Loans:
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 contact@homesightwa.org 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

  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

  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

  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 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: HomeChoice, Schools, Veterans, 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!

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
.

Absolute Mortgage

Academy Mortgage

AlaskaUSA Mortgage

American Pacific Mortgage

AmericanWest Bank

Axia Home Loans

Banner Bank

Bay Equity Mortgage

Canyon Park Mortgage

Chimney Rock Mortgage

City First Mortgage Services

Cobalt Mortgage

Cornerstone Home Lending

DHI Mortgage

Eagle Home Mortgage

Equity Home Mortgage

Evergreen Home Loans

Global Credit Union

Guild Mortgage

Heritage Home Loans

HomeStreet Bank

LeaderOne Financial

Mann Mortgage

Mortgage Advisory Group

Mortgage Masters

Mountain West Bank

Movement Mortgage

Network Mortgage Services

Paramount Equity Mortgage

Peoples Bank

Pinnacle Capital Mortgage

Primary Residential Mortgage

Prime Lending

Prospect Mortgage

Republic Mortgage

Summit Funding

Summit Mortgage Corporation

The Advisors

Umpqua Bank

Universal American Mortgage

Veteran’s United Home Loans

Wallick & Volk

Washington Trust

Wells Fargo Bank, NA

QUESTIONS REGARDING PARTICIPATING LENDERS

The Commission welcomes new Participating Lenders into our programs. 
Please contact Lisa DeBrock at Lisa.DeBrock@wshfc.org or 206-287-4461.

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

INCOME LIMITS WITHOUT COMMISSION DOWNPAYMENT ASSISTANCE

Please refer to 80% and below AMI Income Limit Chart.

MAXIMUM ACQUISITION COST LIMITS

See Targeted Areas for more information and maps.

COUNTY

Non-Targeted

Targeted

     
Clark $330,000 $360,000
Island $310,000 $360,000
Jefferson $310,000 $360,000
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 $295,000 $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 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.

06/18/2014

 
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Phone: 206.464.7139 or 800.767.4663 | Fax: 206-587-5113 | WebMaster@wshfc.org
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