Downpayment Assistance Program
Up to $20,000 for buyers within the city limits of Tacoma
Tacoma downpayment assistance is a second mortgage loan program that combines with the Home Advantage or Opportunity first mortgage loan programs. This program is for qualified borrowers purchasing within the eligible city limits (PDF) of Tacoma. This program allows up to $20,000 in downpayment assistance with payments deferred for 30 years, at 4% simple interest.
Eligibility Requirements
You are a first-time homebuyer (you have not owned a home anytime in the past three years) and the home you are purchasing must be your principal residence and owner-occupied
Your income does not exceed the maximum income limits below
MAXIMUM INCOME LIMITS
HOUSEHOLD SIZE
1
2
3
4
5
6
7
8
HOUSEHOLD INCOME LIMIT
$44,950
$51,350
$57,750
$64,150
$69,300
$74,450
$79,550
$84,700
Program Requirements
Your intended home must not have been occupied by a tenant within 90 days of the purchase and sale agreement and must fall within the maximum purchase price of: $285,000 for an existing home or $354,000 for a newly constructed home
You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate as well as a one-on-one pre-purchase counseling session just prior to closing. The seminar and counseling will provide you with the information you will need to purchase and maintain your first home. Online Homebuyer Education will not meet the seminar requirement for this program
There are no monthly payments, with the balance due and payable when the Borrower(s) 1) sells, refinances, transfers the property; 2) fails to maintain as principal place of residence; or 3) when the home is paid off (on or before 30 years)
PRE-PURCHASE COUNSELING SESSION
COMPANY
South Sound Outreach Services Tacoma
Parkview Services Seattle
PC2 Homeownership
PHONE NUMBER
253-593-2111
206-542-6644 ext. 126
253-564-0707 ext. 105
PARTICIPATING LENDERS
NAME
Sunny Wilson, NMLS# 505811
Annette Schmidt, NMLS# 287955
Jennifer Edwards, NMLS# 334558
Traci Skinner, NMLS# 184042
COMPANY
Eagle Home Mortgage
Academy Mortgage
Caliber Home Loans
Fairway Independent Mortgage
PHONE NUMBER
425-876-4959
253-347-5052
253-267-7810
253-677-9493
EMAIL
SunnyWilson@eaglehm.com
Annette.Schmidt@academymortgage.com
Jennifer.Edwards@Caliberhomeloans.com
Traci.Skinner@fairwaymc.com