Pierce County Down Payment Assistance

Often times the American Dream of home ownership can be an overwhelming thought.  More often than not potential first time buyers are discouraged from purchasing their first home due to the lack of funds for the down payment. Fortunately, there is a solution when using a knowledgeable loan officer and versatile bank like myself and PrimeLending!

Pierce County offers a Down Payment Assistance program to help first time buyers* obtain the funds to purchase that first home.  Through this program potential first time buyers who are able to qualify for a traditional FHA mortgage but can not come up with the 3.5% down payment are provided down payment assistance funded by Pierce County to be used for their down payment.  It is important to note that the property must be located within eligible areas of Pierce County to qualify.  To learn more about eligible areas Contact Me today.  

Upon approval Pierce County will provide a loan in the amount of 3.5% of the sales price** to be used towards the down payment and/or closing costs in a purchase transaction. The loan is at a term of 30 years and a rate of 0%! No payments are required unless the home is sold or the homeowner no longer occupies the home as a primary residence.  

Buyers must be able to qualify for a traditional FHA mortgage and meet HUD's Income Guidelines to qualify. Contact me today to get pre-qualified to purchase your new home!

You may find more information by following the link below.

http://www.co.pierce.wa.us  

* A first time homebuyer as defined by HUD-FHA which is not having owned a home in the last 3 years.

** The program provides a loan up to 3.5% of the sales price for down payment or loan closing costs on a home valued at 362,790 or less.

*** The buyer must contribute at least $1,000 towards the purchase to qualify.