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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement 

August 2, 2012
Suspension of House Key State Bond and House Key Plus DPA 8/14/12 and Introduction of House Key Opportunity

This notice only applies to the House Key State Bond Program and House Key Plus DPA. The Home Advantage Program will not be affected by this notice and will continue to operate as usual from 9:00 am. to 4:00 pm. Monday through Friday during Commission business hours.

At 4:00 pm. on Tuesday, August 14, 2012, the House Key State Bond Program will be suspended until further notice. This suspension is due to the market conditions curtailing the Commission’s ability to issue the tax-exempt mortgage revenue bonds that fund the underlying House Key first mortgages.

At 4:00 pm on Tuesday, August 14, 2012, the House Key Plus DPA Program will be suspended until further notice.

At 9:00 am on Wednesday, August 15, 2012, the House Key Opportunity Program will be available for a select group of eligible borrowers at a below market interest rate combing with the downpayment assistance programs below:

Persons using the Commission’s HomeChoice Program.

Veterans using the Commission’s House Key Veterans Program.

School employees using the Commission’s House Key Schools Program.

Homebuyers using the Commission’s New Home for You Program.

East King County homebuyers using the Commission’s House Key ARCH Program (when available).

Purchasers of homes within the city limits of Seattle using the House Key Plus Seattle Program.

Purchasers of a Pontedera condominium offered for sale by HomeSight, a nonprofit housing developer serving homebuyers in the Puget Sound Region (DPA up to $10,000 @ a 5% rate amortized over 10 years is available).

Purchasers of a property that is foreclosed, in foreclosure or a short sale using the Commission’s DPA (Up $10,000 with a 3% interest rate and a ten-year loan term is available).

The House Key Opportunity Program will be funded with the remaining tax-exempt mortgage revenue bonds we plan to issue. Because bond funds will be used for this program, all of the House Key IRS guidelines apply. Please refer to the House Key Manual for guidelines. Funds will be limited. We will take a small wait list based on cancellations.

The rate and availability of funds will be announced on August 15, 2012 at 9:00 am on our Website (www.wshfc.org) and available on our Mitas reservation system.

House Key Opportunity reservations are valid for 90 days. All loans must be purchased by day 90 or extension fees will be assessed using the same policy as Home Advantage.
(See page 7.2 of the Home Advantage Manual): wshfc.org/sf/07reservationprocessHA.pdf

Borrowers with a current House Key or Home Advantage Program reservation are not eligible for the House Key Opportunity Program. Please do not contact the Commission for the purpose of changing a reservation to the new program. There will be no exceptions to this policy.

    

 
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