City of Tacoma Downpayment Assistance 2010 Changes

Scott Cowan over at Keller Williams Real Estate just did a great blog post about all the new changes to the City of Tacoma Downpayment Assistance Program.  If your Mortgage Banker isn’t up to speed on the latest rules, make sure you read this- because it might save you a lot of money this year!

Here are some of the highlights:

• The property must be a single family dwelling or condominium. The seller will be required to document the property is vacant.

• The property must be located within the boundaries indicated on the maps and within the city limits of Tacoma Washington.
  • The down payment assistance maps for central Tacoma can be viewed by following this link.
  • The down payment assistance maps for east Tacoma can be viewed by following this link.
  • The down payment assistance maps for south Tacoma can be viewed by following this link.

• An inspection will be required to verify the property meets minimum housing quality standards

• Borrower must be a first time home buyer

• Borrower must provide minimum down payment depending on income.
  • Income up to 50% of the median income, max loan contribution is $30000 and min buyer contribute $500
  • Income up to 80% of the median income, max loan contribution $20000 and min buyer contribute $1000

Income up to 120% of the median income, max loan contribution $10000 and min buyer contribute $1500

For more details, read the full post here, contact me, or visit the City of Tacoma.