The House Key Opportunity Program Rocks!
The Washington House Key Opportunity Program is a remarkable loan program designed to make homeownership easier for first-time buyers. We are defining a First Time Home Buyer as anyone who has not owned a home in the past 3 years. It also works well for those who have owned a home in the past 3 years who will be purchasing in targeted areas. A "targeted area" refers to census tracts in Washington state that meet federal guidelines for economic distress. These areas receive special consideration under the House Key Opportunity State Bond Program.
The Washington House Key Opportunity Program combines a first mortgage loan with down payment assistance, creating a pathway for many individuals and families to achieve their dream of owning a home. The House Key Opportunity program in Washington State can be used with several Down Payment Assistance (DPA) programs, including:
- Opportunity DPA – Up to $15,000 for eligible borrowers.
- HomeChoice DPA – Up to $15,000 for buyers with disabilities or those with a disabled family member.
- ARCH East King County DPA – Up to $30,000 for buyers in certain East King County areas.
- Veterans DPA – Up to $10,000 for military veterans.
- Bellingham DPA – Up to $40,000 for buyers within Bellingham city limits.
What Down Payment Assistance Programs can be used with the House Key Opportunity Program?
The Opportunity Down Payment Assistance program offers a variety of benefits. Borrowers can receive up to $15,000 in assistance, which is deferred for 30 years at a low 1% interest rate. This makes it an attractive option for those who may struggle to save for a down payment while managing other financial obligations.
The HomeChoice Second Mortgage program is a Down Payment Assistance (DPA) program designed for low- to moderate-income individuals with disabilities or those with a disabled family member living with them. To qualify, applicants must be eligible for the Home Advantage first mortgage loan program. This affordable homebuyer assistance offers a 1.00% interest rate on DPA loans, helping first-time homebuyers, those who haven’t owned or occupied a primary residence in the last three years. However, homebuyers in targeted areas are not required to be first-time buyers.
The Veterans Down Payment Assistance Program is a second mortgage loan designed to support Washington State veterans who have served our country. This program offers a 3.00% interest rate, with payments deferred for up to 30 years, making homeownership more accessible. Eligible veterans can receive financial assistance to cover down payments and closing costs.
The ARCH East King County Down Payment Assistance Loan Program offers financial support to qualified homebuyers purchasing a home or condominium in an ARCH member city. You do not need to be a First Time Home Buyer. This program allows up to $30,000 in downpayment assistance at 4% simple interest. There are no monthly payments.
The Bellingham Down Payment Assistance Program is a second mortgage loan designed for homebuyers purchasing within the City of Bellingham limits. This program works alongside the Home Advantage or House Key Opportunity first mortgage loan programs, making homeownership more affordable. Qualified buyers can receive up to $40,000 in down payment assistance, with payments deferred for 30 years at a 3% simple interest rate.
Who is Eligible for the House Key Opportunity Program?
Borrowers who are not buying in "targeted areas," must meet specific income limits. These income limits vary by the county and household size, ensuring the program targets those who need it most.
The household income limits (as of today) for a home buyer to be eligible for the House Key Opportunity program vary between $110,000 to $140,000 depending on location and number of persons in the household. If your household income is above these levels, we have other programs that have higher household income limits. We even have one Down Payment Assistance Program that has no income limit. If you would like us to help you determine the best program for you, please click on this link: APPLY NOW
Final Thoughts:
This House Key Opportunity program not only helps individuals and families secure housing but also contributes to community stability and economic growth. By making homeownership more attainable, it fosters stronger neighborhoods and provides a foundation for long-term financial security. For anyone dreaming of owning a home in Washington State, the House Key Opportunity Program could be the key to unlocking that possibility.