If you are a first time homebuyer (or owned a home in the past 3 years) and qualify under the income guidelines there is a wonderful down payment assistance program available in the City of Tacoma! The program offers up to 3.5% which is the current required down payment for FHA. The funds can be used towards the down payment and/or closing costs. You as the buyer are required to contibute $1000 of your own moeny in order to receive the assistance. The rest of the closing costs can come from a seller credit if that is how your offer is accepted.
The loan will be a 30 year loan with zero interest which will be due in 30 years and/or if you no longer use the home as your primary residence.
Income limits as of 1/31/2012 are as follows:
Showing posts with label down payment assistance. Show all posts
Showing posts with label down payment assistance. Show all posts
Tuesday, January 31, 2012
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