Tacoma Down Payment Assistance Program Suspended 1/29
The City of Tacoma/Tacoma Community Redevelopment Authority REGULAR Down Payment Assistance program was suspended as of January 29, 2010 until further notice due to lack of funds. We hope to obtain more funding by fall, 2010.
However, the new NSP DPA Program is underway and we are hoping to be able to assist you place first-time homebuyers into vacant, foreclosed homes in one of the three eligible areas of Tacoma; Hilltop, Eastside or South Tacoma. This program has higher income limits, but also has some restrictions and qualifiers which are different from our regular DPA program. Please read the instructions carefully and contact Gary Tiedeman for more information and to discuss the possibilities.
Information & maps, copy and paste: http://www.cityoftacoma.org/Page.aspx?hid=13534
Tacoma's NEW NSP Down Payment Assistance Program
These NSP/DPA funds can only be used for the purchase and owner-occupancy of a vacant, single family dwelling that has been foreclosed upon in one of three designated areas; Hilltop, Eastside and South Tacoma ~ see attached maps. House must be purchased at a 1% discount (or greater) below the current (within 60 days) appraised value.
|
Income |
Max Loan Amount |
Min Buyer Contribution |
Income up to 50% of the area median income $30,000 $ 500.00
Income up to 80% of the area median income $20,000 $1,000.00
Income up to 120% of the area median income $10,000 $1,500.00
|
|
Household Size |
Median Income |
50% of Median Income |
80% of Median Income |
120% of Median Income |
|
|
1 |
$47,700 |
$23,850 |
$38,150 |
$57,240 |
|
|
2 |
54,500 |
27,250 |
43,600 |
65,400 |
|
|
3 |
61,300 |
30,650 |
49,050 |
73,560 |
|
|
4 |
68,100 |
34,050 |
54,500 |
81,720 |
|
|
5 |
73,500 |
36,750 |
58,850 |
88,200 |
|
|
6 |
79,000 |
39,500 |
63,200 |
94,800 |
|
|
7 |
84,400 |
42,200 |
67,600 |
101,280 |
|
|
8 |
89,900 |
44,950 |
71,950 |
107,880 |
|
|
Max DPA Loan |
|
$30,000 |
$20,000 |
$10,000 |
|
|
Min Borrower Contrib |
|
$500 |
$1,000 |
$1,500 |
NSP Down Payment Assistance Program Guidelines
All document requirements remain the same as our regular down payment assistance program; ratios of 40% front (PITIMI) and 50% back (total of all monthly payments); and buyer must be a first-time homebuyer and must invest at least $500 or more, depending on their income; see chart. These NSP/DPA loans will have a 30 year term at 0% interest with no payments; due at the end of 30 years or when the purchaser no longer occupies the home as their primary residence.
We require 10 business days to process a "Complete" DPA application from the time we have all the documentation. Incomplete applications will not be processed until all required documents are received.
1. Must be a first-time homebuyer; not have owned a home in the past three years.
2. Borrower must have been approved by a lender for the primary mortgage.
3. Borrower must meet all federal and local requirements.
4. House must pass the Housing Quality Standards; HUD 52580-A; NOT done by the City.
5. The selling price must be at least 1% below a recent appraisal (within 60 days of closing).
6. The availability of funds is not guaranteed. The City of Tacoma and the Tacoma Community Redevelopment Authority (TCRA) reserve the right to terminate programs at any time when funds are no longer available. While every effort will be made to give adequate advance notice, it is difficult to predict exactly when all available funds will be expended.
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