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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amount of funds for this proposed program is dependent on housing revenue bond market conditions and the program may be withdrawn at any time after funding availability is announced.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.