NEWS FLASH: House Key Opportunitiy Program is no longer available

I just received this message from the Washington State Housing Finance Commission regarding the state bond program “House Key Opportunity”:

IMPORTANT NOTICE REGARDING HOUSE KEY OPPORTUNITY

We have been informed by our investment bankers that due to market conditions, we can no longer offer a 2.5% (government) and 2.75% (conventional) interest rate for the House Key Opportunity Program. As of June 25, 2013 at 4:00 p.m. we will no longer be taking House Key Opportunity Program reservations. All existing House Key Opportunity Program reservations will be honored.

This notice only applies to the House Key Opportunity Program. The Home Advantage Program is not affected by this notice and will continue to operate from 9:00 a.m. to 4:00 p.m., Monday through Friday during Commission business hours.

No wait list will be taken.

The Commission thanks your for your support of our programs. We are very sorry that we can no longer offer the House Key Opportunity Program.

It has been known that the Home Advantage program with down payment assistance was created with the intent to replace House Key when the funds were no longer available for this state bond program. If you are in the process of buying a home using the Washington state bond program, House Key Opportunity, confirm with your mortgage originator that your loan is locked (funds reserved). If it was not locked, you’ll probably need a “plan b” as we are receiving this notice today and the reservations ended last night with no notice to mortgage originators.

I have two classes coming up next month for home buyers where we will cover the Home Advantage product. With House Key Opportunity gone…I’m assuming we may be able to shorten the class!  You do not need to be a first time home buyer to qualify for the Home Advantage mortgage program with down payment assistance – you do need to attend a Commission sponsored class.

More to follow!