The WA State Housing Aurthority has announed it’s new House Key Opportunity program effective August 15, 2012 with interest rates for 1st time homebuyers as follows:

FHA, VA & USDA Rural Development Loans: 2.5% with a 1% Origination fee

Conventional Loans: 2.75% with a 1% Origination fee

The above options are available for a 30-year fixed rate term.

The House Key Opportunity Program is available for a select group of eligible borrowers at the above interest rates when combining with the downpayment assistance programs below on a first come first served basis:

  • Persons using the Commission’s Home Choice 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 (down payment assistance up to $10,000 @ a 5% rate amortized over 10 years is available).
  • Purchasers of a property that is foreclosed, in foreclosure or a short sale using the Commission’s down payment assistance (Up to $10,000 with a 3% interest rate and a ten-year loan term is available).

The House Key Opportunity Program is funded with the last remaining tax-exempt mortgage revenue bonds. Because bond funds will be used for this program, all of the House Key IRS guidelines apply. To enroll in a 1st time homebuyer class to take advantage of this great opportunity, give me a call!

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