The Down Payment Assistance Loan program makes funding available to assist lower income residents purchase an affordable home in Pierce County. The First-Time Homebuyers Program is another type of homeownership program available through Housing Programs.
Prospective First Time Homebuyer's who wish to purchase a home in Pierce County outside Tacoma and Lakewood city limits are eligible for apply for the program if they meet 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 first mortgage. Housing Programs staff will work with the first mortgage lender to get the paperwork necessary to process the Downpayment Assistance application. All homes purchased under the program must be inspected and pass an 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. Qualified buyers wishing to purchase a home within the city limits of Tacoma or Lakewood should apply to that city.
The program provides a loan up to 6% 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 one percent (1%) 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 with accrued interst, if the homeowner sells the home or does not occupy the home as their principal residence.
The Downpayment Assistance Program Guidelines and Lender Submission Checklist are available at 3602 Pacific Avenue, Suite 200, Tacoma, WA 98418, or you may download from below.
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Call: 253-798-7038 or e-mail Bryan Schmid or Shannon Shuman
