Home Advantage – House Key Feature Comparison
Feature
First-time Homebuyer
requirement
Income
Home Advantage Summary
None, unless required by second mortgage product.
House Key Difference
Yes, unless buying in a Targeted Area.
Based on HUD county area median income
limits, adjusted by family size.
Acquisition Cost
Business Use of Home
Property Type
$97,000 Statewide – based on the income used by the
underwriter for loan approval. Further restrictions
apply if combining with additional downpayment
assistance in addition to what is offered with the
program or if combining with an MCC.
None
No restrictions.
Single Family detached, attached, condos and PUD’s
acceptable for FHA, VA, RHS, & conventional
programs. Manufactured homes are only acceptable
for FHA, VA & RHS.
Based on IRS Acquisition Costs per county.
Limited to 15% of square footage.
Cannot contain more than 1 self-sufficient
unit, cannot have more than 1 service meter
supporting the entire property, cannot have
excess land value (less than 2 acres), and
cannot have more than 1 tax parcel number.
4% of first mortgage loan amount at 0% interest House Key Plus or other DPA program that
payment deferred 30 years for downpayment and/or can be combined with House Key first
closing costs. OR
mortgage.
Can use HomeChoice, House Key Veterans, House
Key Schools, House Key Plus Seattle, House Key
CLT, and House Key ARCH.
2 % (1% fee & 1% charged to borrower at loan)
1.50%
origination).
Pending.
Refinancing not allowed.
Reservations may be made from 9:00 am – 4:00 pm 24/7
prevailing Pacific Time Monday through Friday. The
loan must close within 50 days of reservation. The
loan must be purchased within 60 days of reservation.
Downpayment
Assistance
Lender Compensation
Refinances
Reservations
(07/02/2012)
If using a specialty Commission downpayment
assistance programs or the MCC program, it is
suggested the Lender receive approval from
Commission to close prior to locking the rate.
An extension to a reservation will require approval
and will be subject to market conditions. A minimum
fee the greater of 0.25% of the loan amount or $500
will be applied to 15 day extensions. A minimum fee
the greater of .50% of the loan amount or $500 will
be applied to 30 day extensions. Fees may be higher
depending on market conditions.
Interest Rate to
Daily-priced.
Can vary with the market. Rate adjustments
Borrower
take into consideration the costs incurred at
the time the bonds were issued.
Items
needed
by Copy of loan application
Pre-Closing Compliance Checklist
Commission in advance Copy of loan approval from underwriter
for loan approval
Copy of executed Purchase & Sale Agreement
Copy of inspection receipt
Copy of signed Early Payment Default Notification
HBED Certificate
Further items required when using additional
Commission dpa programs or the MCC program.
Items needed after loan Final HUD-1 Settlement Statement
Post Closing Compliance Checklist
closing by Commission Copy of Final 1003
prior to purchase of the Post Closing Compliance Review Checklist if using
loan
additional Commission dpa programs or the MCC
program
(07/02/2012)
Home Advantage and House Key
Features Common to Both Programs
Feature
Property Location
Loan Type(s)
Availability of Funds
Term
Maximum Loan To
Value
Borrower’s Minimum
Contribution
Credit
Homebuyer Education
Home Inspection
Summary
Statewide.
FHA 203(b), 203 (K) Streamline, HUD Section 184, VA, Rural Housing Services 502 Guaranty
Loan, MyCommunityMortgage 30 year, MCM, Standard Fannie Mae is acceptable.
First come, first served.
30-year, fixed.
Per first mortgage credit underwriting guidelines.
Per first mortgage credit underwriting guidelines.
For manufactured homes and 203K Streamlines, borrower must contribute the greater of 1% or
$1,000 (no gifts).
Minimum credit score of 620. Cannot exceed 45.00% Total Debt To Income Ratio in most cases.
Must meet all required FHA, VA, USDA-RHS and Conventional underwriting criteria.
Required prior to reservation of funds.
Required for all properties, unless they have a 1-year homeowners warranty from the
builder.
(07/02/2012)