Washington State Housekey Plus Home buyers assistance program

 

House Key Opportunity Program

FIRST MORTGAGE LOAN PROGRAM

Fixed interest rate for 30 years:

FHA, VA & USDA Rural Development Loans:
2.50% with 1% Origination, 0 pointseffective on 08/15/2012

Conventional Loans:
2.75% with 1% Origination, 0 pointseffective on 08/15/2012

* Further fees may apply. Contact your participating loan officer for further information.

THE HOUSE KEY OPPORTUNITY FIRST MORTGAGE LOAN PROGRAM WILL ONLY BE AVAILABLE TO:

The House Key Opportunity Program will be funded with the remaining tax-exempt mortgage revenue bonds we plan to issue. Additional IRS guidelines apply.  Please talk with a Participating Lender.

homeownersHOW TO GET STARTED

  1. 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
  2.  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
  3. 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 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 qualify for one of the following downpayment assistance programs: HomeChoiceHouse Key SchoolsHouse Key VeteransHouse Key Plus SeattleHouse Key ARCHNew Home for You Program, or purchaser of a Pontedera condominium offered for sale by HomeSight; 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 PROGRAM PARTICIPATING LENDERS

House KeyThese Participating Lenders have a proven track record of originating and closing House Key Opportunity loans.  
See Premier Participating Loan Officer
.

  • Academy Mortgage
  • AlaskaUSA Mortgage
  • American Pacific Mortgage
  • AmericanWest Bank
  • Axia Home Loans
  • Banner Bank
  • Canyon Park Mortgage
  • Cobalt Mortgage
  • Cornerstone Home Lending
  • DHI Mortgage
  • Eagle Home Mortgage
  • Equity Home Mortgage
  • Evergreen Home Loans
  • Guild Mortgage
  • HomeStreet Bank
  • Mortgage Advisory Group
  • Mountain West Bank
  • Network Mortgage Services
  • Northwest Mortgage Alliance
  • Peoples Bank
  • Pinnacle Capital Mortgage
  • Prospect Mortgage
  • Quadrant Home Loans
  • Republic Mortgage
  • Sound Mortgage
  • Sterling Bank
  • Summit Mortgage Corporation
  • The Advisors
  • The Legacy Group
  • Universal American Mortgage
  • Washington Trust
  • Wells Fargo Bank, NA

QUESTIONS REGARDING PARTICIPATIING LENDERS

The Commission welcomes new Participating Lenders into our programs.
Please contact Lisa DeBrock at Lisa.DeBrock@wshfc.org or 206-287-4461.

INCOME LIMITS Effective 08/27/2010

Borrowers must not exceed these Maximum Annual Income Limits:

COUNTY

Non-Targeted
1-2 persons

Non-Targeted
3+ Persons

Targeted
1-2 Persons

Targeted
3+ Persons

Jefferson/Skagit/Whatcom $70,000 $80,000 n/a n/a
Clark/Island/Kitsap/Pierce/Thurston $80,000 $90,000 $80,000 $90,000
King/Snohomish $90,000 $97,000 $90,000 $97,000
San Juan $78,000 $90,000 n/a n/a
All other counties $65,000 $75,000 $80,000 $85,000

MAXIMUM ACQUISITION COST LIMITS

See Targeted Areas for more information and maps.

COUNTY

Non-Targeted

Targeted

Clark $330,000 $360,000
Island $330,000 $360,000
Jefferson $370,000 $395,000
King $450,000 $475,000
Kitsap $300,000 $335,000
Pierce $370,000 $395,000
San Juan $450,000 $475,000
Skagit $285,000 n/a
Snohomish $370,000 $395,000
Whatcom $300,000 $335,000
All Other Counties $235,000 $285,000

FEDERAL SUBSIDY RECAPTURE TAX

The House Key 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 House Key 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 August 15, 2012, on a first-come, first-served basis. A small wait list will be taken once funds have been fully reserved. If you have questions, please call us at 800.767.4663or email askusHO@wshfc.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.

02/13/2013

All page content by Bruce McLaughlin Eagle Home Mortgage 1029 East Main Puyallup WA 98372 NMLS 70081 253-651-5755 Contact me directly for any questions