HOMESITE MAP | SEARCH | CONTACT   Twitter Facebook

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

May 1, 2014
House Key Opportunity Funds Availability

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

Issue Amount

The total amount of funds for this program is dependent on housing revenue bond market conditions and the program may be withdrawn at any time after funding availability is announced.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. Reservations will be accepted on a first-come, first-served basis.

Interest Rates

3.50% - 1% origination for FHA, VA, and USDA loans
3.75% 1% origination for Conventional loans; .25% Fannie Mae Adverse Market Fee

Lender Net Compensation

2%

Reservation Period

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

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

Reservations can be made Monday – Friday, 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 Year Fixed

Date of Availability

Loan reservations will be accepted for House Key Opportunity beginning 05/01/2014.

Eligible Applicants

The House Key Opportunity Program is available to a select group of eligible borrowers including:

Households making 80% and below AMI including borrowers purchasing in a community land trust (with or without downpayment assistance). Please refer to AMI Income Limits Chart posted on our website at wshfc.org/sf/00HKTableofContents.htm 

Purchasers of a Pontedera condominium offered for sale by HomeSight, a nonprofit housing developer serving homebuyers in the Puget Sound Region. Purchasers using the HomeSight Community Recovery Loan Program. (For information about HomeSite programs, please visit their website www.homesightwa.org/ or call them at 206-723-4355 or toll free 888-749-4663.)

OR applicants using the following Commission downpayment assistance programs:

HomeChoice

Seattle

ARCH

Rebound

Built New

Schools

Veterans

House Key Opportunity funds cannot be combined with the MCC program.
All House Key IRS guidelines will apply due to the use of tax exempt bonds for this program. Total household income is based upon the IRS Household Compliance Income calculation method and may be greater than lender’s loan qualifying income. Please refer to the House Key Manual for guidelines at http://www.wshfc.org/sf/downloads.html

Borrowers with a current 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.


    

 
Home | About | CareersCommissioners | Contact UsEventsMy View Newsletter | Publications | Homeownership: Homebuyer Programs | Information for Lending and Real Estate Professionals | Multifamily Housing: 9% Housing Credit | Bond/Tax Credit | 80/20 Bonds | 501(c)(3) Housing BondsSpecial Programs: Energy | Farmer/Rancher | Nonprofit FacilitiesLand Acquisition Program | Property Managers: Asset Management and Compliance Information for Investors: Official Statements, Annual Reports, Interim Information |  Privacy Notice | Requests for Public Records 
Washington State Housing Finance Commission   Twitter Facebook
1000 Second Avenue, Suite 2700, Seattle, WA 98104 | Phone: 206-464-7139 or 800-767-4663 | Fax: 206-587-5113 | Contact Us |
©1998-2018 All Rights Reserved