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

May 27, 2015
Advance Notice of House Key Opportunity Funds and Opportunity DPA Program

Please be advised the Housing Finance Commission expects to announce funding for a below-market House Key Opportunity Program on or about June 24, 2015. 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amount of funds for this proposed program is dependent on housing revenue bond market conditions and the program may be withdrawn at any time after funding availability is announced.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 of approximately $20 million, but this too may increase or decrease based on market conditions.

Proposed Interest Rates

3.00% - 1% origination for FHA, VA, and USDA loans
3.25% - 1% origination for Conventional loans
Lender Net: 2%

Reservations

90 days (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.

A small Waiting List will be taken once the program is fully reserved.

Funds are expected to go quickly.

Loan Term

30 years fixed

Eligible Applicants

Households purchasing never occupied new construction or in a community land trust (with or without downpayment assistance). IRS household compliance income restrictions apply.

OR Applicants using the following Commission downpayment assistance programs:

Opportunity (new)

HomeChoice

Seattle

ARCH

Tacoma

House Key Veterans

The new rates apply to new reservations on the Mitas system made after the final announcement date. Existing reservations under other Commission programs cannot be canceled and re-reserved to receive a lower rate. House Key Opportunity funds cannot be combined with the MCC program.

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 

Borrowers purchasing in Target areas are encouraged as the Borrower does not need to be a first time homebuyer.

Opportunity DPA

The Commission is pleased to announce the funding of the Opportunity Downpayment Assistance Program for borrowers purchasing within the State of Washington. The downpayment assistance loan must be used in conjunction with a House Key Opportunity first mortgage.

Amount Available

Up to $2,000,000

Dates of Availability

Loan reservations will be accepted for the Opportunity Downpayment Assistance Program for borrowers in conjunction with the announcement of House Key Opportunity first mortgage funds.

Mortgage Details

Interest Rate - 1% simple interest, payment deferred
Loan Term - 30 years

Maximum Loan Amount

Up to $10,000

Lenders to determine need using Needs Assessment Form or Mortgage Subsidy Worksheet unless Borrower is a Veteran. There is no assessment of need if Borrower is a Veteran.

Maximum Income Limit

To be eligible, an applicant’s income must not exceed the following limits:

County 1-2 persons 3 or more persons
King/Snohomish $52,650 $65,800
Clark $47,050 $58,800
All Other Counties $41,300 $51,600

Please see the manual on our Website at wshfc.org/sf/downloads.html for complete terms and conditions. Further restrictions apply. Program funds are subject to availability.

             

 
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