Buying a home in Tacoma Washington  just got a bit easier for some of you. The Tacoma Down Payment Assistance Program has made some adjustments to the program to make it easier for a larger group of potential home buyers to take advantage of.

The following information is for borrowers who purchase a vacant foreclosed property only. Buying an owner occupied home does not qualify for the new expanded program. The down payment program does still work for owner occupied homes but with out some of the extra

• 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

• Applicant must have a signed purchase and sale agreement with the seller of the property

• Property must be owner occupied for the life of the loan.

• Must complete a first time homebuyer’s education class and receive certificate.

• Debt ratios are not to exceed 40% and 50% see your lender for more information.

• Property must appraise for at least 1% more than sale price.

These are just some of the highlights of the programs features. This provides the potential for many more people to take advantage of the program to purchase their first home in Tacoma.

It is our opinion that anyone using the Tacoma Down Payment Assistance program needs a strong team of real estate professionals to help guide them through the process.

The program does require more work for the lender and for the buyer and seller. Getting banks to return paperwork can be a challenging process and having a Realtor who is familiar with both the down payment program and the various banks is one of the keys to success. Having a lender who is familiar with the down payment program and who is willing to go the extra mile to make sure the loan is processed in a timely manner is vital too. When you are ready to learn more about the down payment assistance program and if it is a good fit for your situation please give us a call at (253) 353-2194 We will be happy to sit down with you and discuss how we can help you buy a home in Tacoma Washington in 2010!

Remember if you buy a home by April 30th. 2010 you could be eligible for up to $8,000 in the form of a Federal Tax Credit!. This is great time to buy.