FIRST MORTGAGE LOAN PROGRAM
Fixed interest rate for 30 years:
FHA, VA & USDA Rural
Development Loans:
2.50% with 1% Origination, 0 points* effective on 08/15/2012
2.50% with 1% Origination, 0 points* effective on 08/15/2012
Conventional Loans:
2.75% with 1% Origination, 0 points* effective on 08/15/2012
* Further fees may apply. Contact your participating loan officer for
further information.2.75% with 1% Origination, 0 points* effective on 08/15/2012
THE HOUSE KEY OPPORTUNITY FIRST MORTGAGE LOAN PROGRAM WILL ONLY BE AVAILABLE TO:
- Persons using the Commission’s HomeChoice Program.
- Veterans using the Commission’s House Key Veterans Program.
- School employees using the Commission’s House Key Schools Program.
- Homebuyers using the Commission’s New Home for You Program.
- East King County homebuyers using the Commission’s House Key ARCH Program (when available).
- Purchasers of homes within the city limits of Seattle using the House Key Plus Seattle Program.
- Purchasers of a Pontedera condominium offered for sale by HomeSight, a nonprofit housing developer serving homebuyers in the Puget Sound Region (DPA up to $10,000 @ a 5% rate amortized over 10 years is available).
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.
Contact me to apply or get additional information
- 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:
HomeChoice, House
Key Schools, House Key Veterans,
House Key Plus Seattle,
House Key ARCH, New 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, Rural Housing Services (RHS),
Then... you may qualify!!
HOUSE KEY PROGRAM PARTICIPATING LENDERS
This
Participating Lender has a proven track record of originating and
closing House Key Opportunity loans. QUESTIONS REGARDING PARTICIPATIING LENDERS
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
|
Non-Targeted
|
Targeted
|
Targeted
|
| 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 800.767.4663 or email askusHO@wshfc.org.The content of this posting was copied from the Washington State Housing & Finance Commissions website and is intended for informational purposed only.
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