Posted on: 04th Apr, 2007 04:26 pm
how the House Key Washington State Bond Program works, please also tell how much my income has to be and how to find lenders offering the loan.
Hi Gregory,
Welcome to Mortgagefit discussion board.
House Key State Bond program allows first time home buyers purchase their first home with interest rates below current market rates. Such loan can be used to finance purchase of single family homes, manufactured homes, condominiums and town homes.
There is also down payment assistance loan program which can help buyers with closing cost and down payments.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
House Key State Bond program allows first time home buyers purchase their first home with interest rates below current market rates. Such loan can be used to finance purchase of single family homes, manufactured homes, condominiums and town homes.
There is also down payment assistance loan program which can help buyers with closing cost and down payments.
Do let me know if you have any other questions.
Thanks
Blue
To start with you will have to attend one homebuyer education seminar. In this seminar you will be made aware of the steps towards buying your first home. At the end of seminar you will get a certificate which will be valid for 2 years. Attending the seminar is a requirement for the loan process to start.
Next you need to contact a trained loan officer to know how much you can qualify for. These loan officers will also tell you about the income and cost limits that are set for the program. You can locate one such loan officer from this list - http://www.wshfc.org/buyers/premier.htm
After you get information about the loan amount you would be able to qualify for, you are allowed to locate a suitable home and get the finance for its purchase.
The income and cost limits are mentioned on this page - http://www.wshfc.org/buyers/key.htm#limits
Miller
Next you need to contact a trained loan officer to know how much you can qualify for. These loan officers will also tell you about the income and cost limits that are set for the program. You can locate one such loan officer from this list - http://www.wshfc.org/buyers/premier.htm
After you get information about the loan amount you would be able to qualify for, you are allowed to locate a suitable home and get the finance for its purchase.
The income and cost limits are mentioned on this page - http://www.wshfc.org/buyers/key.htm#limits
Miller
I think you should know this also; if the home financed with this loan program is sold within 9 years of its purchase for a gain then this benefit can be recaptured, known as Federal Recapture Tax.
what happens in case the loan is assumed by someone after purchasing the house, will the recapture tax have to be paid?
Hi Longhorn,
Welcome to Mortgagefit forum.
In case loan is assumed after the house is sold within the first 9 years of ownership then the previous borrower will have to pay recapture tax.
And a new 9 yr. time period starts for applying new recapture tax for the person purchasing the house and assuming the loan. You can also go through this page to get the other details about applicability of recapture taxes: http://www.wshfc.org/buyers/recapture.htm
Colin
Welcome to Mortgagefit forum.
In case loan is assumed after the house is sold within the first 9 years of ownership then the previous borrower will have to pay recapture tax.
And a new 9 yr. time period starts for applying new recapture tax for the person purchasing the house and assuming the loan. You can also go through this page to get the other details about applicability of recapture taxes: http://www.wshfc.org/buyers/recapture.htm
Colin
anyone have info about refinancing this loan