Other Homebuyer Resources

This section includes links to other resources available for homebuyers. Includes information on  down payment and closing cost assistance programs, and homebuyer education and counseling programs. There is also an East King County chapter of Habitat for Humanity that provides homeownership opportunities for lower income families.

down payment Assistance Programs

These programs provide assistance for down payment and closing costs and they can only be used with the House Key State Bond first mortgage loan program. 

All down payment assistance loans are due and payable upon sale, transfer, non-occupancy or refinance of property.  The Commission does not subordinate our second mortgages upon refinance of the first mortgage.
http://www.wshfc.org/buyers/downpayment.htm

Homebuyer education classes

Through local partnerships, the Commission helps homebuyers learn how to purchase and maintain a home. Commission-sponsored homebuyer education seminars are the first step in purchasing a home.

For more information, contact the Washington State Housing Finance Commission

The Washington Homeownership Resource Center is an organization that helps low to moderate-income households in Washington State achieve the dream of homeownership.

House Key Plus ARCH

Having enough money to buy a home may seem like a big obstacle. With House Key Plus ARCH, owning a home has just been made easier. ARCH has partnered with the Washington State Housing Finance Commission and King County to make owning your own home or condominium easier  for East King County homebuyers.  Below is a summary of House Key Plus ARCH.  For more information, please click here.

Below Market Fixed Interest Rate
House Key Plus ARCH combines with the House Key State Bond below-market fixed interest rate first mortgage loan program. This can make homeownership possible for households who might not otherwise be able to put together the necessary financing. The program can also be combined with ARCH-program price restricted Ownership Homes.

Down Payment and Closing Cost Assistance

  • Up to $30,000 in assistance with no monthly payments
  • 4% simple interest
  • Loan balance due when borrower sells their home, or refinances, or pays off the first mortgage.

How do I qualify?

Income
To be eligible for a House Key Plus ARCH Second Mortgage, your household income must not exceed these limits:
  • 1 person $45,100
  • 2-person $51,550
  • 3-person $58,000
  • 4-person $64,400


Eligible Homes
The home purchase price cannot exceed $379,050. Program available for market priced homes or condominiums and ARCH program price restricted homes.

Principal Residence
The home you purchase must be your principal residence.

First-time Homebuyer
You must not have owned a home at anytime in the past three years prior to the purchase of your new home. Some manufactured housing excepted.

Property Occupancy
The seller of the property you intend to purchase must not displace a tenant in order for you to purchase a home.

First Mortgage
You must be able to qualify for the House Key State Bond first mortgage loan program.

Homebuyer Education
All borrowers must attend a FREE Homebuyer Education Seminar and a FREE one-on-one pre-purchase counseling session.

For more information, contact the Washington State Housing Finance Commission