PIERCE COUNTY DOWN PAYMENT ASSISTANCE LOAN PROGRAM
The Down Payment Assistance Loan program makes funding available to assist lower income households that can qualify for a mortgage but lack the resources for the down payment to purchase an affordable home in Pierce County outside of Tacoma and Lakewood city limits. The First-Time Homebuyers Program is another type of homeownership program available through Housing Programs.
Prospective First Time Homebuyer’s are eligible for down payment assistance program if their combined household income meets HUD’s income guidelines. The sales price for the home must be at or below the FHA maximum loan limit for Pierce County which is currently $362,790. Applicants must work with local lenders to obtain a FHA, VA, Rural Housing or Conventional first mortgage. Housing Programs staff will work with the first mortgage lender to get the paperwork necessary to process the Down payment Assistance application. All homes purchased under the program must be inspected and pass a federal Housing Quality Standards (HQS) inspection. Attending an educational First Time Homebuyer Class is required prior to closing. To be eligible for assistance, the property must be located within Pierce County outside Tacoma and Lakewood City limits. Down payment assistance programs are available specifically for Tacoma and Lakewood.
The program provides a loan up to 3.5% of the sales price for down payment or loan closing costs on a home valued at $362,790 or less. The 30-year deferred loan has a zero percent (0%) interest rate, and is placed as a 2nd subordinate lien on the property. No monthly payments are required, but the loan is due and payable, if the homeowner sells the home or does not occupy the home as their principal residence.
Contact me if you are interested in qualifying for this program.