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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

June 6, 2014
Tacoma Downpayment Assistance Funds Now Available

The Commission is pleased to announce the funding of the Tacoma Downpayment Assistance Program in partnership with the Tacoma Community Redevelopment Authority for borrowers purchasing within the Tacoma Redevelopment Authority city limits.

Amount Available

$1,000,000

Dates of Availability

Loan reservations will be accepted for the Tacoma Downpayment Assistance Program for borrowers at or below 80% of Area Median Income beginning 06/06/2014. The downpayment assistance loan must be used in conjunction with a Home Advantage or House Key Opportunity first mortgage. Tacoma downpayment assistance funds offer up to $20,000 in downpayment assistance and have a reduced rate of 4% deferred simple interest with no monthly payments, subject to availability. Please see the manual on our Website at wshfc.org/sf/downloads.html for complete terms and conditions. Further restrictions apply. Program funds are subject to availability.

Manual updates have been posted:

wshfc.org/sf/downloads.html

Home Advantage Manual

Section 2, page 2.3, Updated language under IRS Form 4506-T section.
Appendix III – Per Fannie Mae guidelines, the borrower cannot own any other real estate at the time of loan closing on Conventional HFA Preferred. The Pre-Closing Compliance Review Checklist has also been updated to include the Tacoma DPA Program.

House Key and MCC

Federal Subsidy Recapture Tax – Adjusted Qualifying Income Table Limits have been updated.

House Key Plus ARCH

Page 14.1 – The first time homebuyer requirement is no longer applicable.

                

 
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