House Key King County

How does the program work?

You must be able to qualify for the House Key State Bond 30 year first mortgage loan program. This program allows up to $30,000 in down payment assistance at 4% simple interest. There are no monthly payments with the balance due and payable when the Borrower(s) 1) sells, refinances, transfers the property; 2) fails to maintain as principal place of residence; or 3) when the home is paid off (on or before 30 years).

You must be a first-time homebuyer and the home you are purchasing must be your principal residence and owner-occupied. The definition of a first-time homebuyer is that you have not owned a home anytime in the past three years.

You must attend a FREE Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate, and a FREE one-on-one pre-purchase counseling session. The seminar and counseling will provide you with the information you will need to purchase and maintain your first home.  Your House Key Program lender will assist you with scheduling a one-on-one counseling appointment after you are pre-approved.  Post purchase counseling is also provided at no cost after your loan closes.

Consumer Counseling Northwest, Andrea Misiano, 800-244-1183 x120
International District Housing Alliance, 206-623-5132 www.apialliance.org

Maximum Income Limits

To be eligible for House Key King County, your household income must not exceed these limits:
1 person $44,800 | 2 person $51,200 | 3 person $57,600 | 4 person $64,000
5 person $69,100 | 6 person $74,250 | 7 person $79,350 | 8 person $84,300

Maximum Purchase Price

$418,000

How are funds used?

Funds may be used for down payment and closing costs based upon need. The Borrower’s down payment requirement is 2% of the purchase price. Up to ½ of the 2% can be from gift funds.

Participating Lenders

See House Key Program for participating lenders.

Participating Cities

All of King County (including unincorporated King County)

EXCLUDED: SEATTLE, Beaux Arts Village, Bellevue, Bothell, Clyde Hill, Hunts Point, Issaquah, Kenmore, Kirkland, Medina, Mercer Island, Newcastle, Redmond, Sammamish, Woodinville, Yarrow Point

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If you have questions about the House Key King County Down Payment Assistance Program, please contact Karen Carlson at 206.287.4413 or toll free in Washington State 800.767.4663, Ext. 413, or by e-mail karen.carlson@wshfc.org

This page was modified on 6/30/2009.