Breaking Down All Of the Down Payment Assistance Programs Available:
There are four different programs offered under the House Key State Bond program.
1. House Key Plus Program
2. Home Choice Program
3. House Key Veterans Program
4. House Key Schools Program
House Key Plus Program
Borrowers can receive a second mortgage at a 5% interest rate with a ten year term to generate their downpayment. Though the program varies across the state, Snohomish County residents can receive up $7,500 if the borrower does not exceed the maximum annual income limit, is a first time homebuyer or lives in a targeted area and the loan is one of the following; FHA House Key Loan, House Key Teacher, MyCommunityMortgage, MyCommunityMortgage 40 year, My CommunityMortgage Interest Only, Freddie Mac Home Possible 100 or Freddie Mac Home Possible 97.
Home Choice Program
Borrowers with a disability or first time homebuyers (or live in a targeted area to qualify) that have a family member with a disability living with them can qualify for a 1% interest on a second mortgage loan for downpayment assistance. Homebuyers must have already qualified for a Fannie Mae Conventional 30 year, 40 year or Interest Only House Key State Bond first mortgage, meet the maximum acquisition cost limit and annual income limit.
House Key Veterans Program
To be eligible for the House Key Veterans program persons must have been honorably discharged or received a discharge for medical reasons with an honorable record, enlisted personnel and honorably discharged personnel of the Washington National Guard and Reserve; and never remarried spouses and dependent children of deceased Veterans. Borrower must be first time homebuyers (or live in a target area to qualify), meet the maximum acquisition limit, maximum income limit and have a first mortgage that is either a VA, FHA House Key Loan, House Key Teacher, MyCommunityMortgage, MyCommunity Mortgage 40 year, MyCommunityInterest Only, Freddic Mac Home Possible 100 or a Freddie Mac Home Possible 97.
House Key Schools Program
To be eligible for 3% interest rate and a ten year term under the House Key Schools program borrowers must be one of the following: teacher and employee of community or technical colleges, K-12 teacher, a private school that is accredited and/or recognized by Washington State. Borrowers must also be first time homebuyers (or live in a targeted area), meet the maximum acquisition limit and income limit and have a first mortgage that is either a FHA House Key Loan, House Key Teacher, MyCommunityMortgage, MyCommunity Mortgage 40 year, MyCommunityInterest Only, Freddic Mac Home Possible 100 or a Freddie Mac Home Possible 97.
There are four different programs offered under the House Key State Bond program.
1. House Key Plus Program
2. Home Choice Program
3. House Key Veterans Program
4. House Key Schools Program
House Key Plus Program
Borrowers can receive a second mortgage at a 5% interest rate with a ten year term to generate their downpayment. Though the program varies across the state, Snohomish County residents can receive up $7,500 if the borrower does not exceed the maximum annual income limit, is a first time homebuyer or lives in a targeted area and the loan is one of the following; FHA House Key Loan, House Key Teacher, MyCommunityMortgage, MyCommunityMortgage 40 year, My CommunityMortgage Interest Only, Freddie Mac Home Possible 100 or Freddie Mac Home Possible 97.
Home Choice Program
Borrowers with a disability or first time homebuyers (or live in a targeted area to qualify) that have a family member with a disability living with them can qualify for a 1% interest on a second mortgage loan for downpayment assistance. Homebuyers must have already qualified for a Fannie Mae Conventional 30 year, 40 year or Interest Only House Key State Bond first mortgage, meet the maximum acquisition cost limit and annual income limit.
House Key Veterans Program
To be eligible for the House Key Veterans program persons must have been honorably discharged or received a discharge for medical reasons with an honorable record, enlisted personnel and honorably discharged personnel of the Washington National Guard and Reserve; and never remarried spouses and dependent children of deceased Veterans. Borrower must be first time homebuyers (or live in a target area to qualify), meet the maximum acquisition limit, maximum income limit and have a first mortgage that is either a VA, FHA House Key Loan, House Key Teacher, MyCommunityMortgage, MyCommunity Mortgage 40 year, MyCommunityInterest Only, Freddic Mac Home Possible 100 or a Freddie Mac Home Possible 97.
House Key Schools Program
To be eligible for 3% interest rate and a ten year term under the House Key Schools program borrowers must be one of the following: teacher and employee of community or technical colleges, K-12 teacher, a private school that is accredited and/or recognized by Washington State. Borrowers must also be first time homebuyers (or live in a targeted area), meet the maximum acquisition limit and income limit and have a first mortgage that is either a FHA House Key Loan, House Key Teacher, MyCommunityMortgage, MyCommunity Mortgage 40 year, MyCommunityInterest Only, Freddic Mac Home Possible 100 or a Freddie Mac Home Possible 97.