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   House Key Plus ARCH 
   East King County

Second Mortgage Program terms subject to change

   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.

Photo supplied by WSHFC

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   $43,050       

   2-person  $49,200

 

   3-person  $55,350

  4-person  $61,500         

 
Eligible Homes
The home purchase price cannot exceed $431,300.  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.    
     How do I find out more?
Information on  HouseKey first mortgage and HouseKey Plus second mortgage loans, including approved lender list, can be found on the Washington Housing Finance Commission's website: http://www.wshfc.org/buyers/keyplusArch.htm  , or call the Commission at (206) 287-4413.   
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