Homeownership Program for First-Time Buyers

Due to market conditions, as many already know, it’s difficult to find financing for lower to medium priced homes/condos.  Currently, The House Key State Bond Program by The Washington State Housing Finance Commission is quickly becoming a popular option for low- and moderate-income buyers to purchase their first home.

How do I get started?

The House Key State Bond Program requires interested buyers start by attending a free Homebuyer Education seminar, and then contact a Commission-trained loan officer to determine what you can qualify for.  After that, it’s time to start looking for a new home.

Homebuyer Education Seminars

Unlike many other homebuyer programs that offer educational seminars which may require you sign up on a weekday, 2 months in advance, this programs has 9 available classes in Seattle this Saturday alone.  5 hour classes are instructed by a trained mortgage and Realtor where they focus on how to purchase and maintain a home without sales presentations by the instructors.

Reservations are required for all seminars.
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What benefit does this program provide?

The primary benefit of looking into the House Key State Bond Program is that lenders will be able to qualify a first-time homebuyer at a rate that is below market on a typical 30-year mortgage.  This will offer qualified buyers with a lower monthly mortgage payment.  In addition, downpayment assistance is offered to assist in closing costs and down payments.

Fixed interest rate for 30 years*:

• 6.00% (maximum 2.00 points)
• 6.25% (maximum 1.00 point)
• 6.50% (with 0 points)

30 Year Interest Only, 40 Year Fixed, 40 Year Interest Only*:

• 6.25% (maximum 2.00 points)
• 6.50% (maximum 1.00 point)
• 6.75% (with 0 points)

*For conventional financing only, further pricing adjustments apply. These fees are paid directly to Fannie Mae and Freddie Mac upon loan purchase and not to the Washington State Housing Finance Commission or the lender. Please check with your loan officer for additional information.

Do I have to be a first-time homebuyer?

Although this program is intended for frst-time homebuyers only, those who consider purchasing a home in a “targeted area” do not necessarily have to be first-time.  Targeted areas are census tracts in Washington state that meet federal guidelines as economically distressed and, therefore, given special consideration under the House Key State Bond Program.

What about FHA?

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