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House 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:|
|3.125% 30-year fixed||1%||0||09/21/2016|
|3.375% 30-year fixed||1%||0||09/21/2016|
*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:
community second programs previously used with the House Key Opportunity
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
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
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,
House Key Veterans, or a
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!
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
Alaska USA Mortgage
American Pacific Mortgage
Axia Home Loans
Bank of the Pacific
Bay Equity Mortgage
Caliber Home Loans
Chimney Rock Mortgage
City First Mortgage Services
Cornerstone Home Lending
Eagle Home Mortgage
Equity Home Mortgage
Evergreen Home Loans
Fairway Independent Mortgage
Global Credit Union
Land Home Financial Services
Landmark Professional Mortgage
LoanStar Home Lending
Mortgage Express, LLC
Network Mortgage Services
New American Funding
Numerica Credit Union
On Q Financial
Pinnacle Capital Mortgage
Primary Residential Mortgage
Priority Home Lending
Skyline Home Loans
Summit Mortgage Corporation
Universal American Mortgage
Veteran’s United Home Loans
Vitek Mortgage Group
Wallick & Volk
Wells Fargo Bank, NA
Willamette Valley Bank
QUESTIONS REGARDING PARTICIPATING LENDERS
Borrowers must not exceed these Maximum Annual Income Limits:
|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.
|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
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.