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The Washington Housing Finance Commission (WSHFC) announced recently, “We’re raising our income limits!”

Income and Acquisition Cost Limits Increased for House Key Opportunity 

The goal of the WSHFC is to help put home ownership within reach for more Washington families.

In a statement the WSHFC said, “We are excited to announce an increase in income and acquisition cost limits for the House Key Opportunity First Mortgage Program. Effective with reservations made on and after July 2, 2021,the new income and acquisition cost limits apply. With home prices skyrocketing throughout the state, we hope this change will put homeownership within reach for more families.All  the new Income limits and acquisition cost changes can be found here. Sections 3 and 4 of the House Key Opportunity manual have also been updated.”

Please note: This announcement does not apply to the Home Advantage program, which has also raised its income limit to $160,000 statewide. 

Are you thinking about buying a home in Washington State in the near future?

ATTEND A WASHINGTON HOME BUYERS SEMINAR TO LEARN MORE ABOUT THIS PROGRAM

Together, Haley Chatfield – Real Estate Broker and Malcolm Miller – Loan Officer, are preparing to give future home buyers an overview of the home buying process and answer any questions you might have! Their goal is to educate Washington home buyers so that they are able to make informed decisions when starting the search for their new home. Their first in person seminar will be on July 17th and we will continue on the first Saturday of each month after that.  RSVP for the class here. Please note, if you are utilizing downpayment assistance through WSHFC – this seminar does not count as the required education.

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Home Advantage lifts ceiling to $160K to help more families buy homes

Additional news from the WSHFC includes, “We are raising the income limit for borrowers using our Home Advantage program! Effective July 2, 2021, the Home Advantage maximum borrower income limit has increased from $145,000 to $160,000. Our lender and real-estate partners around the state have been asking for this change so that together, we can keep the doors to homeownership open for moderate-income buyers, especially in high-cost areas. This change doesn’t reduce resources for lower-income borrowers — just lifts the ceiling so higher-priced homes are accessible.As before, the income limit is the same everywhere in the state and refers to the credit underwriting income of the applicants.”

For more details, see the Eligible Borrowers section of our updated Home Advantage program manual

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Need more information? Contact your Loan Officer today for details or contact the WSHFC directly at (206) 464-7139   |   1-800-767-HOME   |   HeretoHome.org.

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