DPA Buy A Home With $1000
Down Payment Assistance is a vital component to home finance for many first time home buyers. As real estate experts, we maintain close relationships with mortgage lenders, loan officers and banking professionals both in the private sector and in Government. These relationships help us stay on the cutting edge of the financial industry. Contrary to what is reported in the news, there are still low to zero down programs that survived the housing bubble collapse and mortgage melt down. Those down payment assistance programs are helping home buyers qualify for homes with little out-of-pocket money.
One such program is the Pierce County Down Payment Assistance Program, DPA. The Down Payment Assistance Loan program makes funding available to assist lower income households that can qualify for a mortgage but lack the resources for the downpayment to purchase an affordable home in Pierce County outside Tacoma and Lakewood city limits. The First-Time Homebuyers Program is another type of homeownership program available through Housing Programs.
Prospective First Time Homebuyers are eligible for downpayment assistance program if their combined household income meetsHUD’s income guidelines. The sales price for the home must be at or below the FHA maximum loan limit for Pierce County which is currently $362,790. Applicants must work with local lenders to obtain a FHA, VA, Rural Housing or Conventional first mortgage. Housing Programs staff will work with the first mortgage lender to get the paperwork necessary to process the Downpayment Assistance application. All homes purchased under the program must be inspected and pass an federal Housing Quality Standards (HQS) inspection. Attending an educational First Time Homebuyer Class is required prior to closing. To be eligible for assistance, the property must be located within Pierce County outside Tacoma and Lakewood city limits.
