WaHFC House Key Opportunity FHA Loan Program
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
House Key Opportunity $0 Down FHA
Program Description
Eligible households in all counties may qualify for $0 down loan, with second mortgage loan program with a 1.00% interest rate, payment deferred for 30 years, up to $15,000. Amount is based on need. There is no assessment of need for Veterans to be eligible.
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WaHFC House Key Opportunity FHA Loan Program
Min. Credit Score
620
Min. Down Payment
3.5%
Max Loan Amount
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Purchase a home with no money out of pocket
- Flexible credit requirement without price adjustments
- HUD 184 Program (Native Indian Lands) + 203k Renovation Allowed
- Maximum Household Income limits of $100-$175,000
- Lower FHA Loan Limits
- FHA up-front mortgage insurance
Program Availability
WaHFC House Key Opportunity FHA Loan Programs are available in 1 state.
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“Eligible households in all counties may qualify for second mortgage loan program with a 1.00% interest rate, payment deferred for 30 years, up to $15,000. Amount is based on need. There is no assessment of need for Veterans to be eligible. HUD 184 Program + 203k Renovation allowed"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
No Limits
Purchase Price Limit
No Limits
Income Limit
$100,000 - $150,000
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- $0 Down Payment
- Assistance up to $15,000.
- Lower Credit Requirements (620 Score)
Additional Conditions
- See table for Max Total Annual Income. Different limits for targeted areas. Second mortgage loan program with a 1.00% interest rate, payment deferred for 30 years, up to $15,000. Amount is based on need. There is no assessment of need for Veterans to be eligible.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: By the Commission
All Borrowers to be listed on the Note and Deed of Trust must attend a Homebuyer Education seminar that has been registered through the Commission and meets standards as set in the Homebuyer Education Section of this Program Manual. If a reservation of funds is made before the borrower(s) take a Commission sponsored homebuyer education course, the current reservation will be considered invalid and will be subject to worse case pricing. No Exceptions.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into the loan amount
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this House Key Opportunity FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
WaHFC Opportunity DPA Loan Program
|House Key Opportunity FHAWaHFC $0 Down Opportunity DPA 2nd Mtg
Max. Loan Amount
No Limits
Min. Credit Score
620
Min. Down Payment:
3.5% 0%
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* County-based income limits (max $100,900). SFR only. Needs-based 1% Interest 2nd to $15,000. See guides for Front DTI <=25%
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