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Tacoma Down Payment Assistance Program

Washington

Available Assistance

The Washington State Housing Finance Commission has established Tacoma Downpayment Assistance, a second mortgage loan program that combines with the Home Advantage first mortgage loan program. Qualified borrowers within Tacoma city limits are allowed up to $20,000 in down payment and closing cost assistance with payments deferred for 30 years, at 4 percent simple interest. The borrower’s minimum down payment requirement is $500 (gift funds are allowed to meet the borrower’s minimum contribution requirement).There are no monthly payments for this loan, and the balance is due in the following circumstances:The borrower sells the homeThe borrower refinances the homeThe home is transferredThe borrower fails to maintain the property as principal place of residenceWhen the home is paid off (on or before 30 years)

Eligibility Requirements

Applicants must be first-time homebuyers.The home being purchased must be the principal residence and owner-occupied.Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement.Borrowers 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.Borrowers must also attend a free one-on-one, pre-purchase counseling session.Borrowers must fall within the following income limits:-- 1 person household: $40,500-- 2 person household: $46,300-- 3 person household: $52,100-- 4 person household: $57,850-- 5 person household: $62,500-- 6 person household: $67,150-- 7 person household: $71,750-- 8 person household: $72,300The property being purchased must fall within the following limits:-- Existing Construction home limit: $218,000-- New Construction home limit: $228,000

Property Guidelines

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