Last September ground was broken on a mix income homeownership project in Parkland across from Pierce County’s Gonyea Park. The project known as Tallentire will consist of 45 single family homes for sale to both market rate and lower income homebuyers.
About the Project
The project is being constructed on land formerly owned by Pierce County. As such the County is requiring the Developer, Sager Homes, to set aside units for sale to buyers who meet the HUD low income threshold. The Pierce County Community Development Corporation will provide downpayment assistance loans to qualified low income homebuyers purchasing homes in Tallentire.
Down payment Assistance Eligibility
Buyers must have a gross annual household income of less than the income limits listed in the table below:
Gross income annual Income – 2017 Limits
In additional to meeting the income limits buyers seeking down payment assistance must:
Complete a five hour Washington State Housing Finance Commission first time homebuyer training;
Have sufficient monthly income and credit to qualify for a minimum first mortgage loan;
Contribute the greater of $1,000, or the amount of liquid assets (checking, savings, money market) over and above six months of their proposed principal, interest, taxes and insurance payment.
The down payment assistance loan will require owner occupancy for a minimum of fifteen years. Should the buyer fail to occupy the home as their primary residence the loan is due in full.
Down payment Assistance Loan Terms:
30 year term loan due on sale;
0% interest, deferred payment (no monthly payments);
County staff will work with buyers lender to determine appropriate amount of downpayment assistance maximum amount is $60,000; and
Second mortgage lien recorded against the property to secure the loan.