SINGLE-FAMILY PROGRAM ANNOUNCEMENT

WSHFC

Program Announcement – May 28, 2015 

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of funds for this proposed program is dependent on housing revenue bond market conditions and the program may be withdrawn at any time after funding availability is announced.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

King/Snohomish

1-2 persons

$52,650

3 or more persons

$65,800

Clark

1-2 persons

$47,050

3 or more persons

$58,800

All Other Counties

1-2 persons

$41,300

3 or more persons

$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.

Washington State Housing Finance Commission 1000 2nd Ave, Suite 2700 Seattle, WA  98104  wshfc.org

Tell me what you think

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s