This program is for qualified borrowers purchasing within the Pierce County limits, outside of the Tacoma, Lakewood, Bonney Lake, Auburn, and Pacific city limits. The loan amount goes up to $24,900, with payments deferred for 30 years, at 4 percent simple interest.

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Pierce County Downpayment Assistance Program

Financial Assistance for Homebuyers in Washington

The Washington State Housing Finance Commission offers down payment assistance for residents of Pierce County in the form of a second mortgage loan program, which combines with the Home Advantage first mortgage loan program.

The Pierce County Downpayment Assistance Program is for qualified borrowers purchasing within the Pierce County limits, outside of the City of Tacoma, Lakewood, Bonney Lake, Auburn, and Pacific city limits. The loan amount goes up to $24,900, with payments deferred for 30 years, at 4 percent simple interest. All applicants must contribute a minimum down payment of is $1000; funds from gifts are allowed to meet this requirement.

There are no monthly payments for this loan, and the balance is due in the following circumstances:
  • The borrower sells the home
  • The borrower refinances the home
  • The home is transferred
  • The borrower fails to maintain the property as principal place of residence
  • When the home is paid off (on or before 30 years)
Eligibility Requirements:
  • Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement
  • Borrowers must be a first-time homebuyer
  • The property must serve as the borrower’s primary residence
  • Borrowers must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive a certificate. Online Homebuyer Education will not meet the seminar requirement for this program
  • Borrowers will also have to attend a one-on-one pre-purchase counseling session prior to closing.
  • Homebuyers must fall within the following income limits:

    -- 1 person $40,500
    -- 2 person $46,300
    -- 3 person $52,100
    -- 4 person $57,850
    -- 5 person $62,500
    -- 6 person $67,150
    -- 7 person $71,750
    -- 8 person $72,300
  • The purchase price of the property must not exceed the following limits:

    -- Existing Construction home limit: $247,000
    -- New Construction home limit: $303,990

Down Payment Grants in Washington

The ARCH East King County Downpayment Assistance Loan Program helps qualified borrowers purchasing a home or condominium within an ARCH member city. It provides up to $30,000 in down payment assistance at 4 percent simple interest. 

The Washington State Housing Finance Commission offers residents of Bellingham the Bellingham Downpayment Assistance program with up to $40,000 in down payment and closing cost assistance. Payment can be deferred for 30 years at 3% simple interest.

The Washington State Housing Finance Commission offer homebuyers the Home Advantage Down Payment Assistance Loan Program, a second mortgage with a zero percent interest rate and payment deferred for 30 years that combines with the Home Advantage first mortgage.

HomeChoice is a down payment assistance program offered by the Washington Housing and Finance Commission. It combines with the House Key and Home Advantage first mortgage loan programs. 

The Washington State Housing Finance Commission's House Key Veterans program offers down payment assistance in the form of a second mortgage loan to Washington State veterans who have served our country.

The Washington State Housing Finance Commission offers a down payment assistance program called Opportunity, a second mortgage loan program with a 1 percent interest rate, with the payment deferred for 30 years. 

This program is for qualified borrowers purchasing within the Pierce County limits, outside of the Tacoma, Lakewood, Bonney Lake, Auburn, and Pacific city limits. The loan amount goes up to $24,900, with payments deferred for 30 years, at 4 percent simple interest.

Under this program, qualified borrowers purchasing within the city limits of Seattle are allowed up to $45,000 in assistance with payments deferred for 30 years, at 3 percent simple interest. Funds may be used for down payment and closing costs.

Qualified borrowers within Tacoma city limits are allowed up to $20,000 in down payment and closing cost assistance with payments deferred for 30 years, at 4 percent simple interest. The borrower’s minimum down payment requirement is $500.