Tacoma Down Payment Assistance Program
Financial Assistance for Homebuyers in Washington
There are no monthly payments for this loan, and the balance is due in the following circumstances:
- The borrower sells the home
- The borrower refinances the home
- The home is transferred
- The borrower fails to maintain the property as principal place of residence
- When the home is paid off (on or before 30 years)
- 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: $72,300
- The property being purchased must fall within the following limits:
-- Existing Construction home limit: $218,000
-- New Construction home limit: $228,000
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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