Down Payment Assistance offered at City of Tacoma - Tacoma Municipal Building
Down Payment Assistance offered at City of Tacoma - Tacoma Municipal Building
Offers a program intended for people who are buying a home within the eligible Tacoma City Limits. The program allows up to $20,000 in down payment assistance with payments deferred for 30 years at a 2% simple interest rate. It a second mortgage loan program that combines with the Washington State Housing Finance Commission's Home Advantage first mortgage loan program. There are no monthly payments on the loan. The balance is due and payable when a person: - sells, refinances or transfers ownership of the home - fails to maintain status as a principal place of residence - when the home is paid off (on or before 30 years) Funds may be used for down payment and closing costs based upon need. The minimum contribution to the down payment is $1000. Gift funds are allowed to meet the minimum contribution. Due to federal guidelines, the home being purchased must not have been occupied by a tenant within 90 days of the purchase and sale agreement. The home must also be at or below the maximum purchase price.
Location
747 Market St, Tacoma, WA 98402
Hours
M-F, 8am-5pm
Application process
Visit the website for more information. Contact Washington State Housing Finance Commission for overall information about the Down Payment Assistance program. Contact the City of Tacoma for information on Loan Payoff Requests, Loan Subordination Needed for Refinancing Purposes, or to complete a subordination request form.
Eligibility
- Must be a first-time homebuyer (if you haven't owned a home in the past 3 years), and home being purchased must be the principal residence once purchased. - Must attend a free Homebuyer Education Seminal sponsored by the Washington State Housing Finance Commission and receive a certificate of completion. - Must attend a one-on-one pre-purchase counseling session just prior to closing on the home. Household income must be at or below: -1 person, the income must be less than $50,900 per year, -2 people, the income must be less than $58,150 per year, -3 people, the income must be less than $65,400 per year, -4 people, the income must be less than $72,650 per year, -5 people, the income must be less than $78,500 per year, -6 people, the income must be less than $84,300 per year, -7 people, the income must be less than $90,100 per year, -8 people, the income must be less than $95,900 per year.
Fee
No fees for this service.
Agency info
City of Tacoma - City Services
Administration numbers and hotlines for the City of Tacoma.