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Brooke Villano

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Pierce County Down Payment Assistance Up to 6% Borrowers Max $1000 out of pocket

06-29-09
Brooke Villano

Obtaining a Down Payment can be one of the biggest challenges homebuyer's face today.

I've used Pierce County Down Payment Assistance for my clients many times...it's a great program, it's easy to obtain and the Pierce County Employees are awesome to work with.

Here are some of the features of this program.

  • Loan up to 6% of the Sales Price of $362,790
  • 30 Year Deferred Loan w/1% interest rate-NO PAYMENTS
  • 2nd Lien Loan, accrued interest due upon sale of home, or if occupancy changes from Primary Residence
  • Applicant must be under 80% of Hud Median Income per Household size.
  • All gross income from household members over 18 is used to calculate max income (max income can reach as high as $69,900 per year.
  • Buyer must contribute $1000 out of pocket...includes cash to close, lender's fees, earnest money deposits, or other costs associated with purchase of property...(HOME INSPECTION)?
  • Must be First Time Homebuyer as defined by HUD-No ownership in the last 3 years (exceptions for displaced homemakers)
  • Property must be in Pierce County, but outside the City of Tacoma and City of Lakewood limits.
  • Single Family, Condo and Manufactured Homes qualify per Pierce County.

This down payment assistance can be used in conjunction with FHA/VA/Conventional and RHS approved loan. Check with lender on loan program guidelines.

Here is the link to the Pierce County Website. http://www.co.pierce.wa.us/pc/abtus/ourorg/comsvcs/housing/html/1DownPay.htm

Check it out...awesome program!

Brooke Villano-Escrow Sales Manager

Andover Park Escrow

www.andoverparkescrow.com

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