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

August 15, 2012
House Key Opportunity

The Commission is pleased to announce the funding of House Key Opportunity.

Issue Amount

$25,000,000.00

Interest Rates

FHA, VA & USDA Rural Development Loans:
2.5% with 1% Origination, 0 points

Conventional Loans:
2.75% with 1% Origination, 0 points

Lender Net

1.5%

Reservation Period

90 days
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): www.wshfc.org/sf/07reservationprocessHA.pdf 

Loan Term

30 Years

Date of Availability

Loan reservations will be accepted for House Key Opportunity beginning 08/15/12.

The House Key Opportunity Program is available for a select group of eligible borrowers at the above interest rates when combining with the downpayment assistance programs below on a first come first served basis:

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 is funded with the last remaining tax-exempt mortgage revenue bonds. 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.

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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