Pierce County Downpayment Assistance Program
Financial Assistance for Homebuyers in Washington
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.
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.
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.
1 person household: $41,750
2 person household: $47,700
3 person household: $53,650
4 person household: $59,600
5 person household: $64,400
6 person household: $69,150
7 person household: $73,950
8 person household: $76,500
Note: All figures mentioned were accurate at the time of publication and may no longer be current- visit the program website for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Washington
The ARCH East King County Downpayment Assistance Loan Program helps qualified borrowers purchasing a home or condominium within an ARCH member city. It provides up to $30,000 in down payment assistance at 4 percent simple interest.
The Washington State Housing Finance Commission offers residents of Bellingham the Bellingham Downpayment Assistance program with up to $40,000 in down payment and closing cost assistance. Payment can be deferred for 30 years at 3% simple interest.
The Washington State Housing Finance Commission offer homebuyers the Home Advantage Down Payment Assistance Loan Program, a second mortgage with a zero percent interest rate and payment deferred for 30 years that combines with the Home Advantage first mortgage.
HomeChoice is a down payment assistance program offered by the Washington Housing and Finance Commission. It combines with the House Key and Home Advantage first mortgage loan programs.
The Washington State Housing Finance Commission offers individuals the Opportunity Downpayment Assistance Loan Program, a second mortgage loan program with a 1 percent interest rate, with the payment deferred for 30 years.
This program is for qualified borrowers purchasing within the Pierce County limits, outside of the Tacoma, Lakewood, Bonney Lake, Auburn, and Pacific city limits. The loan amount goes up to $24,900, with payments deferred for 30 years, at 4 percent simple interest.
Under this program, qualified borrowers purchasing within the city limits of Seattle are allowed up to $45,000 in assistance with payments deferred for 30 years, at 3 percent simple interest. Funds may be used for down payment and closing costs.
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.
The Washington State Housing Finance Commission's Veterans Downpayment Assistance Loan Program offers down payment assistance in the form of a second mortgage loan to Washington State veterans who have served our country.
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