Looking to purchase a home in Pierce County? You have financing options to help you
If you are looking to purchase a home in Pierce county that is not in the city limits of Tacoma or Lakewood you have options that you need to be aware of. If you are looking to buy within the city limits of Tacoma or Lakewood there will be another post for you soon. Call for more information if you have questions now.
The Pierce County Down payment Assistance program is available and can help you with up to 6% percent of your purchase price.
If you are a first time homebuyer (not owned a home in the last three years or longer) you can be eligible for the First Time Home Buyers Program through Pierce County. If you are looking buying a home in Rural Pierce County you might be able to use the USDA Rural Development Program. All three programs are currently active with funds to loan. Working with a qualified lender and real estate agent will help position you in the best possible way to use any of the available programs.
The Pierce County Down payment Assistance Program is available to help people who have a limited household income. At or below the current HUD guidelines.
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HUD INCOME GUIDELINES |
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Family Size |
1 |
2 |
3 |
4 |
5 |
6 |
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Maximum Income |
$37,050 |
$42,350 |
$47,650 |
$52,950 |
$57,200 |
$61,400 |
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If your household income meets the necessary amounts the program can provide up to 6% towards the down payment or closing costs. The home must purchased for $362,790 or less. The loan is a 30 year loan with a 1% interest rate. The loan takes a second position. It does not have a monthly payment. It will need to be repaid in full when the home is sold or is no longer lived in by the homeowner. One of the nice features of this program is that you can be a current homeowner. You can still qualify for the assistance if you looking to buy a new home that better meets your families needs.
The Pierce County First Time Homebuyers Assistance Program is available to help first time homebuyers get into a home.
The program considers first time buyers to be one that has not owned a home in three years or longer. If you meet the household income requirement (see table above) you might be eligible. To qualify you will need to take a first time homebuyers course. The home will have to be inspected and pass a federal housing quality standards inspection. Your credit and debt ratios will be considered. The loan is a low interest loan that takes a second position. No monthly payment on the amount but it will have to be repaid in full when the house is sold or no longer lived in by the homeowner that qualified for the assistance.
USDA Rural Development Home Loan Programs
The USDA have multiple programs available to encourage homeownership in rural Pierce County and across the country. The programs are fairly straightforward and provide the homebuyer with assistance either in the form of a loan guarantee or actually providing the loan.
Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Income can be up to 115% of area median average.
Rural Housing Direct Loans are loans that are directly funded by the Government. These loans are available for low- and very low-income households to obtain homeownership. Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. Applicants must be unable to obtain financing elsewhere but have reasonable credit history.
The USDA loan programs are very powerful tools to leverage to purchase a home. To determine if the house you are consider is in an eligible location you can check by visiting the USDA site here.
Homebuyers these are just three programs available to you in Pierce County. There are other programs that can provide help towards purchasing a home. If you are considering homeownership you need to make sure you have looked at all of your options. Working with a real estate professional who is familiar with the many programs is vital to you. Working with a lender who is experienced with the process of applying for assistance is crucial.
If you have any questions or would like more information I welcome your questions. Please feel free to contact me. I will do my best to make sure you have the necessary information to make an informed homebuying decision.
Best wishes,
Scott Cowan
Contact Scott Cowan, Terry Wise & Associates. Licensed real estate salesperson in Tacoma Washington at 253-219-1194 to list your property for sale. Or to purchase a home in Tacoma, Gig Harbor, Puyallup, and the rest of Pierce County Washington.
Gladly accepting referrals. Copyright © 2008 By Scott Cowan, “Looking to purchase a home in Pierce County? You have financing options to help you” All Rights Reserved.
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Disclaimer: Information provided within this post and blog is supplied by several sources and is subject to change without notice. All information is provided without warranties of any kind, either expressed or implied. Entries on this blog are the opinions and ideas of the author and are not necessary those of Terry Wise & Associates Inc.
