Recently, the Washington State Housing Finance Commission raised rates for the HouseKey State Bond Mortgage program. As of July 10, 2006, the new rates are as follows:
- 5.625% fixed interest rate for 30 years /maximum 2.00 points
- 5.875% fixed interest rate for 30 years /maximum 1.00 point
- 6.125% fixed interest rate for 30 years /with 0 points
This increase marks the recent release of funds at new bond rates. Since the WSHFC offers these mortgage programs based on the release of State Bonds, they are subject to periodic increase. These increases, however, are much slower than traditional market-rate interest programs. State Bond rates do not have the daily, even hourly rate fluctuations as most traditional programs. This is one of the reasons why this program is so nice in comparison to the traditional mortgage offerings.
The House Key State Bond program is a loan program that many lenders use to help a first-time homebuyer purchase their first home at an interest rate that is below the market interest rate. A lender will qualify an applicants on a typical 30-year mortgage loan program using the Commission's lower interest rate.
A single family home, town home, condominium, and in some instances, a manufactured home, can be financed with the House Key State Bond loan program.
By using the House Key State Bond loan program with the below-market interest rate options, you can lower your monthly mortgage payment. There are also down payment assistance loan programs to assist eligible homebuyers with both their closing costs and down payments. There are acquisition limits and income limitations that are listed under the House Key State Bond loan program in this web site by family size and by county. Targeted and Non-Targeted areas (as definited by federal guidelines and IRS Census Tract information) can relieve or increase some of these limitations.
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