 House Key Plus Arch East King County Program
Down Payment Assistance Loan Program
Press Release
(PDF)
House Key Plus Arch East King County combines with
the House Key State Bond below-market
interest rate first mortgage loan program. This program is for people buying a
home or condominium within an ARCH member city or surrounding unincorporated
east King County ARCH area.
How does the program work?
You must be able to qualify for the
House Key State Bond 30 year or 40 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.
Maximum Income Limits
To be eligible
for House Key Plus Arch, your household income must not exceed these limits:
1
person $43,050 | 2 person
$49,200 | 3 person
$55,350 | 4 person
$61,500
5 person $66,400 | 6 person
$71,350 | 7 person $76,250 | 8 person
$81,200
Maximum Purchase Price
$362,790
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
Beaux Arts Village, Bellevue, Bothell, Clyde Hill, Hunts
Point, Issaquah, Kenmore, Kirkland, Medina, Mercer Island, Newcastle, Redmond, Sammamish, Woodinville, Yarrow
Point
If you have questions about the House Key Plus Arch East 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 04/25/2008.
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