HOMEOWNERSHIP
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House Key Opportunity Program
Home Advantage
Rates | House Key Opportunity Rates |
Habitat for Humanity
1. Freddie Mac HFA Advantage program - High Balance Loans not available.
2. FHA, USDA, VA and FANNIE programs - High Balance loans above $647,200 and up to $891,250 are allowed in High Cost Areas. No additional fees apply.
Click here to see 2021 80% Area-Median Income Limits
Click here to see 2022 80% AMI Limits - Conventional Loans
*Current loan amount may not exceed $647,200 in any county for Freddie Mac HFA Advantage.
Fannie Mae “HFA Preferred” and Freddie Mac “HFA Advantage” Pricing Has Changed
Beginning February 12, 2020, Freddie Mac has made changes to HFA Advantage that mirrors the changes Fannie Mae made to HFA Preferred on September 5, 2019. . Pricing benefits are limited to borrowers with incomes at or below 80% AMI. Our rate sheets reflect this change with higher pricing for borrowers above 80% AMI for both Fannie and Freddie. For more details, see our November 21, 2019 Program Announcement.
**Rates subject to change without notice. Homebuyers interested in applying for financing should contact one of the Commission's Participating Lenders. The Commission does not lend money directly to consumers. Participating Lenders pre-qualify consumers and originate all mortgage loans. This is not an advertisement for credit as defined in Regulation Z. Contact a Commission Participating Lender for Annual Percentage Rate (APR). This is not a commitment to lend. Visit heretohome.org for more information.
***Further fees may apply. Contact your participating loan officer for further information.
THE HOUSE KEY OPPORTUNITY PROGRAM IS ONLY AVAILABLE TO APPLICANTS USING THE FOLLOWING DOWNPAYMENT ASSISTANCE PROGRAMS:
Purchasers using
community second
programs previously used with the Opportunity
program.
OR
Household purchasing never occupied new construction or in a community land trust (with or without the above downpayment assistance programs)
The Opportunity Program will be funded with tax-exempt mortgage revenue bonds and cannot be combined with the Mortgage Credit Certificate program. Additional IRS guidelines apply. Please talk with a Participating Lender.
HOW TO GET STARTED
You must
first attend a free Homebuyer Education seminar.
It will provide you with the steps to buying your first home. You will receive a certificate upon completion of the class, valid for two
years. This will be a requirement of your loan process.
Homebuyer Education Seminar Schedule
Contact a Commission-trained loan officer to see what you will qualify for.
They can find the right loan type that will work with our programs.
They also know the income and acquisition cost limits we require. Premier
Participating Loan Officers
Once you know how much you qualify for, it is time to look for a home.
Your lender and real estate professional will work with you to
locate and finance a home.
ADDITIONAL HELP WITH HOMEOWNERSHIP
Washington
Homeownership Resource Center is an unbiased, community-sponsored, nonprofit
agency that knows the programs, products and people throughout Washington
State that can help.
Washington State Dept. of Financial Institutions, protecting Washington homeowners and buyers. Free state sponsored counseling is available to Washington residents who are facing foreclosure, thinking of buying a home, or considering refinancing. To speak with a counselor, call the Washington Homeownership Information Hotline at 1.877.894.HOME (1.877.894.4663).
HOUSE KEY OPPORTUNITY FIRST MORTGAGE LOAN AND SECOND MORTGAGE LOAN FOR DOWNPAYMENT ASSISTANCE
Do you qualify?
If you've attended
and obtained a certificate from a Commission-sponsored
homebuyer education seminar within the last
two years; and...
If you are a first-time homebuyer,
defined as someone who has not owned and occupied a primary residence at
any time in the past 3 years (if you purchase in a
Targeted Area you do not have to be a first-time homebuyer); and...
If you meet the program income and acquisition cost limits listed below; and...
If you are either
purchasing never-occupied, new construction
or you qualify for one of the following downpayment
assistance programs: Opportunity,
HomeChoice, Seattle,
ARCH, Tacoma,
Veterans, or a
community second
programs previously used with the Opportunity program;
and
...
If you meet with a Participating Loan Officer and determine that you qualify for a mortgage loan according to FHA, VA, Conventional, Rural Housing Services (RHS),
Then... you may qualify!`
HOUSE KEY OPPORTUNITY PROGRAM PARTICIPATING LENDERS
These Participating Lenders have a proven track record of originating
and closing Opportunity loans.
See Premier Participating Loan Officer.
|
1st Security Bank of Washington Absolute Mortgage Academy Mortgage Alaska USA Mortgage AmCap Mortgage American Pacific Mortgage Axia Home Loans Bank of the Pacific Banner Bank Bay Equity LLC Caliber Home Loans Cardinal Financial Cherry Creek Mortgage Churchill Mortgage Citywide Home Loans CMG Mortgage Commerce Home Mortgage Community First Bank Cornerstone Home Lending CrossCountry Mortgage CStone Mortgage DAS Acquisition DHI Mortgage Diamond Residential Mortgage Directors Mortgage Eagle Home Mortgage Envoy Mortgage Evergreen Home Loans Fairway Independent Mortgage Finance of America First Centennial Mortgage First Continental Mortgage Flagstar Bank Freedom Mortgage Gateway First Bank Geneva Financial Global Credit Union Goldwater Bank Guaranteed Rate Guild Mortgage Heritage Bank HomeBridge Financial Services |
HomeSight HomeStreet Bank Integrity Mortgage International City Mortgage Land Home Financial Services Landmark Professional Mortgage LeaderOne Financial LendUS LoanDepot Mann Mortgage Mortgage Master Service Corporation Mortgage Solutions of Colorado Mountain West Bank Movement Mortgage Nations Reliable Lending New American Funding Northpointe Bank Numerica Credit Union On Q Financial Opes Advisors Pacific Residential Mortgage Paramount Residential Mortgage Group Penrith Home Loans Peoples Bank Premier Mortgage Resources Primary Residential Mortgage Prime Lending Priority Home Lending Procura Mortgage Sierra Pacific Mortgage Company Stearns Lending Summit Funding Summit Mortgage Corporation Sunflower Bank Synergy One Lending Top Flite Financial Umpqua Bank US Bank Wallick & Volk Washington Trust Wheatland Bank Willamette Valley Bank |
QUESTIONS REGARDING PARTICIPATING LENDERS
The Commission welcomes new Participating Lenders into our programs. Please contact Corinna Obar at corinna.obar@wshfc.org or 206-287-4414
INCOME LIMITS FOR HOUSE KEY OPPORTUNITY Effective 07/02/2021
Borrowers must not exceed these Maximum Annual Household Income Limits:
| COUNTY | Non-Targeted 1-2 persons |
Non-Targeted 3+ Persons |
Targeted 1-2 Persons |
Targeted 3+ Persons |
| Clark/Skamania | $95,000 | $110,000 | $105.000 | $120,000 |
| King/Snohomish | $130,000 | $155,000 | $130,000 | $155,000 |
| Kitsap | $90,000 | $100,000 | $105,000 | $120000 |
| Pierce | $100,000 | $120,000 | $100,000 | $120,000 |
| All other counties | $85,000 | $100,000 | $95,000 | $110,000 |
MAXIMUM ACQUISITION COST LIMITS Effective 05/31/2022
Borrowers purchasing in Target areas are encouraged as the Borrower does not need to be a first time homebuyer. See Targeted Areas for more information and maps. **Loan amounts of $647,200 and up to $891,250 in high cost areas permitted, except with Freddie Mac HFA Advantage.
| COUNTY | NON-TARGETED | TARGETED |
| Clark/Skamania | $495,000 | $550,000 |
| Island | $400,000 | $475,000 |
| King/Pierce/Snohomish | $675,000 | $750,000 |
| Kitsap | $410,000 | $500,000 |
| San Juan | $410,000 | $480,000 |
| Whatcom | $425,000 | $500,000 |
| Skagit/Thurston | $390,000 | $475,000 |
| All Other Counties | $345,000 | $400,000 |
FEDERAL SUBSIDY RECAPTURE TAX
The Opportunity Program uses the proceeds of tax-exempt bonds
to provide first-time homebuyers the benefit of a lower interest rate.
Should the home financed using the Opportunity Program be sold
or otherwise disposed of within nine years of purchase, this benefit may
be "recaptured". Please review this
important information.
WHEN WILL THESE FUNDS BECOME AVAILABLE?
Funding for the House Key Opportunity Program comes from the sale of tax-exempt bonds. Funds will be available on a first-come, first-served basis. If you have questions, please call us at 800.767.4663 or email info@heretohome.org.
DISCLAIMER: The sponsorship by the Commission of a homebuyer
education seminar does not endorse a person, business practice, product
or service other than those of the Commission.