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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
July 26, 2019
Lock Policy Reminder
As interest rates are on a downward trend, the Commission would like to remind all lenders of our lock (reservation) policy which can be found in Section 7 of the Program Manual.
Our lock policy has not changed.
A reservation cannot be cancelled and re-reserved to obtain a lower interest rate or to transfer to a House Key loan.
If a borrower is switching lenders the original lock terms will still apply.
A loan may be reserved once the borrower(s) has demonstrated completion of a Commission sponsored homebuyer education seminar, has a fully executed purchase and sale agreement, has made loan application with a Commission trained loan officer and appears to meet Program compliance.
Changes to a loan reservation can be made by completing and submitting the “Reservation Change Request” form found on our website. Changes can be made for the following reasons:
- - Increasing or decreasing the loan amount
- - Increasing or decreasing the purchase price
- - Adding or deleting a borrower
- - Changing the amount of Downpayment Assistance
- - Switching from Home Advantage Gov't to Home Advantage Conventional or vice versa
Please see Section 7 for complete details.
If you have additional questions, please email Corinna.Obar@wshfc.org