Pierce County Down Payment Assistance Program

 

Pierce County down payment assistance programs

   Down Payment Assistance

About the Program
    The Down Payment Assistance Program makes funding available to assist lower-income households  that qualify for a mortgage but lack resources for their down payment.

The program provides a loan up to 4% of the sales price for down payment and/or loan closing costs. The  30-year deferred loan has a zero percent interest rate and is placed as a second subordinate lien on the property. No monthly payments required, but the loan is due if  the homeowner sells the home or does not occupy at as their principal residence.

To be eligible: 

  • You must meet HUD’s Income Guidelines based on family size
  • The sales price of the home must be at or below the FHA maximum loan limit for Pierce County (currently $362,790)
  • The property must be in Pierce County, but outside of Tacoma and Lakewood city limits
  • Applicants must work with local lenders to obtain an FHA, VA, Rural Housing or Conventional first mortgage
  • The home must pass a Federal Housing Quality Standards (HQS) inspection

Down Payment Guidelines

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 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 downpayment 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 $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 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 outside Tacoma and Lakewood city limits. Qualified buyers wishing to purchase a home within the city limits of Tacoma or Lakewood should contact that city.

Loans
The program provides a loan up to 3.5 percent 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 interest rate, and is placed as a second 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.

 

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Contact Bruce McLaughlin

Eagle Home Mortgage Puyallup WA

253-651-5755

BruceMcLaughlin@eaglehm.com

NMLS 70081

 

 

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