Hot off the press! Washington State Housing Finance Commission has just announced that income limits for the Home Advantage program are being increased to $160,000 effective July 2, 2021. Click here for current mortgage rates for your scenario. [Read more…]
Income Limits increased for Home Advantage with Down Payment Assistance
July 1, 2021 by Leave a Comment
It’s Official: Washington State Bond Mortgage Program has funds!
April 30, 2014 by 13 Comments
I just received the official announcement that House Key Opportunity (aka the Washington State Bond program) will start accepting reservations (locks) tomorrow, May 1, 2014.
The state bond program offers below market interest rates to home buyers who have household incomes limited to 80% or lower of the HUD’s income limits. In King County, a family of four would qualify for this program if their household income is $63,900 or lower. House Key will allow credit scores of 620 or higher – there may be additional credit score or income limits with combined down payment assistance programs.
UPDATE 5/30/2014: Income limits above are for when home buyers do not use a down payment assistance program in conjunction with House Key Opportunity state bond program. Income limits for the Seattle – King County area are $90,000 for a 1-2 family home or $97,000 for a 3+ family home.
Burien Home Buyer Class on May 10, 2014
April 24, 2014 by Leave a Comment
The next home buyer education class that I’m teaching is coming up on Saturday, May 10th, 2014 at the Burien Library. Ira Sacharoff, Real Estate Broker with Better Properties Real Estate is my fellow instructor.
The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage, House Key (state bond) or Home Possible as well as various down payment assistance programs and MCC (mortgage credit certificates) tax credits.If you are considering buying a home with your spouse, partner or friend, they need to attend the class too in order to qualify for programs. You do not need to be a first time home buyer to qualify for many of these programs. And you’re welcome to attend if you’re just interested in learning more about the process.
House Key Washington State Bond financing to return
April 19, 2014 by Leave a Comment
It’s anticipated that funds will become available for the House Key program in a couple weeks. House Key is the Washington state bond program that offers below market rates to borrowers that meet certain criteria, including income limits. Income limits vary by county and family size.
WSHFC announces new income limits for down payment assistance programs
January 3, 2014 by Leave a Comment
The Washington State Housing Finance Commission has announced changes to income limits for some of their down payment assistance programs.
NEWS FLASH: House Key Opportunitiy Program is no longer available
June 26, 2013 by 1 Comment
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.
Common misconceptions about the Washington State mortgage program: Home Advantage
June 21, 2013 by Leave a Comment
When most folks think of the mortgage programs offered by the Washington State Finance Housing Commission, they often think of the state bond program (House Key Opportunity). Washington home buyers and real estate agents may not realize that the WSFHC offers a “revamped” program, Home Advantage Mortgage, which will eventually phase out House Key Opportunity. Both Home Advantage and House Key Opportunity offer down payment assistance to Washington home buyers.
Here are some questions that I often hear about the Home Advantage Mortgage Program:
Do I have to be a first time home buyer?
The Home Advantage Mortgage program is NOT limited to first time home buyers. It is limited to homes located in Washington state and the buyer must be occupying the property. It is not available for second homes or investment properties.
Is there a recapture tax, like the state bond program?
There is NO recapture tax with the Home Advantage Program. When the home owners sells or no longer occupies their home, the balance of the Home Advantage second mortgage that was used as down payment assistance will be called due.
Isn’t this program just for lower priced homes?
Home Advantage does not have an acquisition limit or restriction to the sales price of the home. Home Advantage does have an income limit of $97,000. Based on debt to income ratios, I’ve qualified borrowers up sales prices up to $400,000. How much someone qualifies for will depend on current interest rates and their personal debts. If a couple with dual incomes exceeds $97,000, it’s possible to remove one of the incomes as long as they still qualify with their debts.
What are the terms to the down payment assistance?
The Home Advantage Program offers a second mortgage based on up to four percent of the first mortgage loan amount at 0% interest with the payment deferred for 30 years. The DPA can only be used towards down payment or closing cost. Home buyers using this program do not have to use the full four percent.
What first mortgage programs are available with Home Advantage?
Washington State Housing Finance Commission offers conventional (up to 97% loan to value), FHA, VA and USDA mortgages. I’m happy to provide you with a rate quote for this (or any) mortgage program.
Do I have to attend a Home Buyer Class to qualify?
In order to qualify for any of the WSHFC mortgage programs, you must attend one of their sponsored home buyer education seminars. All parties who will be on the mortgage must attend this 5 hour course.
As a WSHFC trained mortgage originator, I’m pleased to be able to offer the Home Advantage and House Key mortgage programs. I will be an instructor at two home buyer education classes next month in Seattle. If you or someone you know are interested in buying a home in Washington and would like help with your down payment, please contact me.
Attend my Home Buyer Education Class on July 13, 2013
May 31, 2013 by
UPDATE 7/14/2013: This class has already taken place. If you would like to attend another home buyer seminar that I’m teaching, visit my home buyer education page.
I will be teaching a home buyer education class on Saturday, July 13, 2013 at the High Point Library in West Seattle.
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