 House Key Schools Program
A down payment assistance second mortgage program with a 3.00% interest rate and a
ten-year loan term for teachers and employees of community or
technical colleges and K-12 public or private schools
that are accredited or recognized by the state of Washington.
- Borrowers must be first-time homebuyers or buying in a
targeted area.
- Borrowers must meet the acquisition cost and income
limits for the House Key Program first mortgage.
- The first mortgage must be a FHA House Key Loan, House Key Teacher, MyCommunityMortgage,
MyCommunityMortgage 40 year, MyCommunityMortgage Interest Only, Freddie Mac Home Possible 100, or Freddie Mac Home Possible 97.
To be eligible for a House Key Schools loan you must not exceed the following
income limits:
- Clark/Skamania
Counties $67,900
- Island/King/Snohomish Counties $81,400
- Kitsap Counties
$69,900
- All Other Counties
$66,900
Borrowers
must attend a Commission-sponsored homebuyer seminar prior to reserving
funds under the House Key Program. Cash back
to borrowers is not allowed.
How much can you borrow?
Eligible
households may qualify for a maximum loan amount of up to $10,000.
A House Key participating loan officer can help you determine an acquisition
price you can afford, how much cash you will need to close, and how much you
can borrow on a House Key Schools loan.
Who are the Participating Lenders in House Key
Schools?
See
House Key Participating Lenders who have been
helpful to first-time homebuyers.
Questions about the House Key
Schools Program? Please
call Karen Carlson at 206.287.4413 or toll free in WA 800.767.4663, Ext. 413, or
email karen.carlson@wshfc.org
This page
was modified on 04/25/2008.
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