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Washington State Housing Finance Commission (WSHFC)

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Home Advantage
First Mortgage Loan Program

Fixed Interest Rate for 30 Years:

FHA, VA, and USDA Rural Development Loans:
3.625% interest with 1.00% origination, 0 points* UPDATED
effective on 05/03/2013

Conventional HFA Preferred Loans:
4.500% interest with 1.00% origination, 0 points* UPDATED
effective on 05/03/2013

Conventional Standard FNMA Loans:
4.500% interest with 1.00% origination, 0 points* UPDATED
effective on 05/03/2013

Mortgage Credit Certificate (MCC) 2009
Effective 02/02/2009

Federal Income Tax Credit for Homebuyers

MCCs are not mortgages… they are tax credits that put extra cash in your pocket each month, so that you can more easily afford a house payment, which means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay.

How to Apply

Applications are accepted on a first-come, first-served basis by a statewide network of lenders. Your lender will establish all underwriting criteria, including interest rate, downpayment requirement, term, fees, points, and closing costs. Your lender will submit your loan application and notify you as to whether your application is accepted. It is strongly recommended that you contact a tax professional before applying for an MCC in order to determine the potential benefits an MCC may provide for your specific tax situation.

House Key Opportunity Program

First Mortgage Loan Program

Fixed interest rate for 30 years:

FHA, VA & USDA Rural Development Loans:
2.50% with 1% Origination, 0 points* effective 08/15/2012

Conventional Loans:
2.75% with 1% Origination, 0 points* effective 08/15/2012

* Further fees may apply. Contact your participating loan officer for further information.

The House Key Opportunity First Mortgage Loan Program will only be available to:

Persons using the Commission’s HomeChoice 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 a Pontedera condominium offered for sale by HomeSight, a nonprofit housing developer serving homebuyers in the Puget Sound Region (DPA up to $10,000 @ a 5% rate amortized over 10 years is available).

The House Key Opportunity Program will be funded with the remaining tax-exempt mortgage revenue bonds we plan to issue. Additional IRS guidelines apply. Please talk with a Participating Lender.

How to Get Started
1.You must first attend a free Homebuyer Education seminar. It will provide you with the steps to buying your first home. You will receive a certificate upon completion of the class, valid for two years. This will be a requirement of your loan process. HOMEBUYER EDUCATION | SEMINAR SCHEDULE

2. Contact a Commission-trained loan officer to see what you will qualify for. They can find the right loan type that will work with our programs. They also know the income and acquisition cost limits we require. PREMIER PARTICIPATING LOAN OFFICERS

3.Once you know how much you qualify for, it is time to look for a home. Your lender and real estate professional will work with you to locate and finance a home.

Additional Help with Homeownership

Washington Homeownership Resource Center is an unbiased, community-sponsored, nonprofit agency that knows the programs, products and people throughout Washington State that can help.

Washington State Dept. of Financial Institutions, protecting Washington homeowners and buyers. Free state sponsored counseling is available to Washington residents who are facing foreclosure, thinking of buying a home, or considering refinancing. To speak with a counselor, call the Washington Homeownership Information Hotline at 1.877.894.HOME (1.877.894.4663).

House Key Opportunity First Mortgage Loan and Second Mortgage for Downpayment Assistance

Do you qualify?

If you’ve attended and obtained a certificate from a Commission-sponsored homebuyer education seminar within the last two years; and…

If you are a first-time homebuyer, defined as someone who has not owned and occupied a primary residence at any time in the past 3 years (if you purchase in a Targeted Area you do not have to be a first-time homebuyer); and…

If you meet the program income and acquisition cost limits listed below; and…

If you qualify for one of the following downpayment assistance programs: HomeChoice, House Key Schools, House Key Veterans, House Key ARCH, New Home for You Program, or purchaser of a Pontedera condominium offered for sale by HomeSight; and…

If you meet with a Participating Loan Officer and determine that you qualify for a mortgage loan according to FHA, VA, Conventional, Rural Housing Services (RHS),

Then… you may qualify!!