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

April 17, 2014
Advance Notice of House Key Opportunity Funds

Please be advised the Housing Finance Commission expects to announce funding for a below-market House Key Opportunity Program on or about May 1, 2014. A formal announcement will go out upon program launch.

The total amount of funds for this proposed program is dependent on housing revenue bond market conditions and the program may be withdrawn at any time after funding availability is announced.

We anticipate a potential pool of funds up to $25 million, but this too can increase or decrease based on market conditions.

Proposed Interest Rates:
3.50% - 1% origination for FHA, VA, and USDA loans
3.75% 1% origination for Conventional loans
Lender Net: 2%

Reservations:
90 days – existing construction (through loan purchase)
120 days – new construction (through loan purchase)

Loan must be purchased within reservation period or extension fees will apply.

Reservations can be made Monday – Friday from 9:00 am – 4:00 pm PST excluding holidays.

No Waiting List will be taken once the program is terminated.

Funds are expected to go quickly.

Loan Term:
30 years fixed

Eligible Applicants:

Households making 80% and below AMI including borrowers purchasing in a community land trust (with our without downpayment assistance) based upon IRS household compliance income. Please refer to income chart posted on our website at wshfc.org/sf/00HKTableofContents.htm 

OR applicants using the following downpayment assistance programs:

HomeChoice

Seattle

ARCH

Rebound

Built New

Schools

Veterans

You cannot cancel and re-reserve a loan to receive a lower rate. House Key Opportunity funds cannot be combined with the MCC program.

The new rates apply to new reservations on the Mitas system made after the final announcement date.

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 at wshfc.org/sf/downloads.html 

    

 
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