Get a Boost on Your Home Purchase with Tacoma’s Down Payment Assistance
The Washington State Housing Finance Commission has introduced the Tacoma Downpayment Assistance Program, a valuable resource for homebuyers in the Tacoma area. This program is structured as a second mortgage loan and is designed to work in conjunction with the Home Advantage first mortgage loan program. It offers substantial financial support to qualified borrowers within the Tacoma city limits, providing up to $20,000 in assistance for down payments and closing costs. This loan is characterized by a 4 percent simple interest rate and a 30-year deferred payment plan.
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Key Features of the Program
- Financial Assistance: Borrowers can receive up to $20,000 for down payment and closing costs.
- Deferred Payments: The loan payments are deferred for 30 years.
- Interest Rate: The loan has a 4 percent simple interest rate.
- Minimum Down Payment: The minimum down payment required from the borrower is $500, which can be met through personal savings or gifted funds.
Repayment Conditions
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The loan balance becomes due under the following circumstances:
- If the borrower sells the home.
- Upon refinancing of the home.
- If the home is transferred.
- If the borrower no longer maintains the property as their principal residence.
- When the home is paid off, either on or before the 30-year term.
Eligibility Requirements
To be eligible for this program, applicants must meet several criteria:
- They should be first-time homebuyers.
- The purchased property must be the borrower’s principal residence and owner-occupied.
- In line with federal guidelines, the property should not have been tenant-occupied within 90 days before the purchase and sale agreement.
- Attendance at a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission is mandatory. Online seminars do not fulfill this requirement.
- Applicants are also required to undergo a free one-on-one, pre-purchase counseling session.
Income and Property Limits
The program has set specific income limits based on household size:
- 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
Additionally, there are purchase price limits for properties:
- Existing Construction home limit: $218,000
- New Construction home limit: $228,000
It is important to note that manufactured homes are not eligible under this program.
In summary, the Tacoma Downpayment Assistance Program is a significant initiative by the Washington State Housing Finance Commission, aimed at making homeownership more accessible and affordable in Tacoma. By providing financial assistance, setting clear guidelines, and ensuring educational support, the program plays a crucial role in helping individuals achieve their dream of owning a home.
