Bootcamp For Buyers

Washington House Key Opportunity Program

The Washington House Key Opportunity Program, administered by the Washington State Housing Finance Commission (WSHFC), is designed to assist eligible homebuyers in accessing affordable homeownership. By providing fixed-rate mortgage options and financial assistance, the program helps reduce upfront costs and offers long-term stability for homebuyers across Washington State.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates, ensuring stable and manageable monthly payments.
  • Provides down payment and closing cost assistance to eligible buyers, reducing upfront financial barriers.
  • Targets low- and moderate-income homebuyers, including those purchasing in federally designated targeted areas.
  • Supports first-time homebuyers and those who have not owned a home in the last three years.
  • Can be paired with other WSHFC programs for enhanced financial flexibility and benefits.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and property location within Washington State.
  • The property must be located in Washington and used as the buyer’s primary residence.
  • A minimum credit score of 620 is required, with lender-specific underwriting criteria also applicable.
  • Debt-to-income ratios must align with program guidelines to ensure affordability.
  • Completion of a WSHFC-approved homebuyer education course is required to prepare for homeownership responsibilities.

Additional Information

The Washington House Key Opportunity Program is a valuable resource for individuals and families seeking to reduce the financial challenges associated with purchasing a home. By offering affordable mortgage options and targeted assistance, this program empowers eligible buyers to secure stable housing and build long-term equity. Administered by the Washington State Housing Finance Commission, the initiative promotes sustainable homeownership and strengthens communities across the state.

Frequently Asked Questions About Our Program

What is the Washington House Key Opportunity Program?

The Washington House Key Opportunity Program offers affordable fixed-rate mortgage loans and down payment assistance to help low-to-moderate-income homebuyers achieve homeownership.

Who qualifies for the House Key Opportunity Program?

Eligibility is based on income limits, purchase price limits, and the requirement that the home is used as the buyer's primary residence. Both first-time and eligible repeat homebuyers may qualify.

Do I need to be a first-time homebuyer to qualify?

Yes, the program is primarily designed for first-time homebuyers, although exceptions are made for buyers in targeted areas or eligible veterans.

What is the minimum credit score required for the program?

Applicants generally need a credit score of at least 620 to qualify. Higher scores may improve loan terms and eligibility.

How much down payment assistance is available?

The program provides up to 4% of the loan amount in down payment and closing cost assistance, helping reduce upfront costs.

Are there income limits for the House Key Opportunity Program?

Yes, income limits are based on household size and the county where the property is located. These limits ensure the program supports low-to-moderate-income families.

What types of properties are eligible for the program?

Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.

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What is the maximum purchase price allowed?

As of 2025, the maximum purchase price varies by county but generally ranges from $400,000 to $600,000, depending on program criteria.

Does the down payment assistance need to be repaid?

No, the down payment assistance is provided as a deferred second mortgage with no interest or payments. It is forgiven after a set period, as long as the buyer remains in the home.

Is homebuyer education required for this program?

Yes, completing a homebuyer education course is mandatory to ensure buyers are well-informed about the responsibilities of homeownership.

Can the House Key Opportunity Program help with closing costs?

Yes, the down payment assistance can be used to cover both down payment and eligible closing costs, reducing the upfront financial burden.

Are there restrictions on where the property must be located?

Yes, properties must be located in Washington State and meet the program’s eligibility criteria for type and purchase price limits.

Can the program be used for newly constructed homes?

Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.

Are there debt-to-income (DTI) ratio requirements?

The maximum allowable DTI ratio is typically 45%, but exceptions may apply for buyers with strong credit or other compensating factors.

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Can the House Key Opportunity Program be combined with other assistance programs?

Yes, the program can often be combined with other state or local assistance programs to maximize financial benefits.

What are the benefits of the House Key Opportunity Program?

The program provides low-interest mortgage options, financial assistance for upfront costs, and access to homebuyer education, making homeownership more affordable for eligible buyers.

Can this program be used with FHA, VA, or USDA loans?

Yes, the program can be paired with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.

How does the deferred second mortgage for down payment assistance work?

The deferred second mortgage provides assistance without monthly payments. Repayment is only required if the home is sold, refinanced, or no longer used as the primary residence within the specified timeframe.

What is the application process for the House Key Opportunity Program?

Applicants work with an approved lender who will verify eligibility, guide them through the application process, and assist in securing both the loan and any available assistance.

Is there a fee to participate in the House Key Opportunity Program?

No additional fees are charged for accessing the program’s benefits, but buyers should review all standard closing costs with their lender during the process.

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