Pierce County has a Down Payment Assistance program that makes funding available to assist lower income residents purchase affordable housing.  Monies obtained from this program can be used for down payment and/or closing costs for homes purchased in Pierce County excluding the cities of Lakewood and Tacoma.  They have their own programs available.

Pierce County residents may quailify if they meet HUD's income guidelines. The maximum sales price for the home needs to be at or below the FHA maximum for Pierce County which is currently $360,950. Applicants must work with local lenders to obtain a first mortgage. You can start your loan preapproval by CLICKING HERE.  All property will be inspected prior to receiving assistance and must be covered with homeowner's insurance. Attending an educational First Time Homebuyer Class is required prior to closing. Loan officers can provide an application.

The program provides a loan up to $20,000 for down payment or loan closing costs on a home valued at $360,950 or less. The 30-year deferred loan has a 1 percent interest rate, and is placed as a subordinate lien on the property. No monthly payments are required, but the loan is due and payable with accrued interest, if the homeowner sells the home or does not occupy the home as their principal residence.

The Downpayment Assistance Program Guidelines and Lender Checklist are available at 16218 Pacific Avenue, Suite B3, Spanaway, WA 98387, or you may download the Downpayment Assistance Program Guidelines and Lender Checklist.

Call: 253-536-LOAN (5626) or e-mail Gary Smith