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Pierce County Downpayment Assistance Program

Washington

Available Assistance

The Pierce County Downpayment Assistance Program provides qualified borrowers with assistance funds up to $24,900 in the form of a second mortgage. This loan has a 4 percent simple interest with payments deferred for 30 years. All applicants must contribute a minimum down payment of is $1000; funds from gifts are allowed to meet this requirement. There are no monthly payments for this loan and the balance is due when the home is sold, refinance, transferred, paid off, or no longer serves as the borrower's primary residence.

Eligibility Requirements

In order to be considered eligible for the Pierce County Downpayment Assistance Program, all applicants must meet certain requirements. They must be first-time homebuyers and must attend and complete a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission. Online Homebuyer Education will not meet the seminar requirement for this program. Additionally, they must attend a one-on-one, pre-purchase counseling session prior to closing.

Property Guidelines

Any property being purchased must serve as the borrower’s primary residence and must be located within the Pierce County limits, but outside of the City of Tacoma, Lakewood, Bonney Lake, Auburn, and Pacific City limits. Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement. The purchase price of the property must not exceed the program's set limits: $247,000 for an existing construction, and $303,990 for a new construction.Income Limits: 1 person household: $41,7502 person household: $47,7003 person household: $53,6504 person household: $59,6005 person household: $64,4006 person household: $69,1507 person household: $73,9508 person household: $76,500

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