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Information for Single-Family
Lending and
Real Estate Professionals
Program Announcement
June 24, 2015
House Key Opportunity Funds – Limited Time Offer
The Washington State Housing Finance Commission is pleased to announce funding for a below-market House Key Opportunity Program on June 24, 2015.
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amount of funds for this proposed program is dependent on housing revenue bond market conditions and the program may be withdrawn at any time after funding availability is announced.
The amount of funds available on June 24, 2015 is $20 million, but this too may increase or decrease based on market conditions.
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
Purchasers using community second programs previously used with the House Key Opportunity program. Please see our Community Programs List posted on our website: http://www.wshfc.org/sf/references.html
The new rates apply to new reservations on the Mitas system made on or after June 24, 2015, at 9:00 am.
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 http://www.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+ 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 www.wshfc.org/sf/downloads.html for complete terms and conditions. Further restrictions apply. Program funds are subject to availability.