FREQUENTLY ASKED QUESTIONS
• Does my credit have to be perfect?
No. Our credit counseling procedure assists buyers who have less than perfect credit. The HCT staff will review your credit position assisting with any necessary credit repair strategies. The mortgage application process with the first mortgage lender will not begin until your credit is in a solid position for approval.
• Can I use either the HCT EVERGREEN or @HOME program to purchase any home?
No. The assistance from HCT can only be used to purchase an HCT home.
• How long does the process take?
The home buying process with HCT on average takes about 10 weeks. Some clients have been able to move along more quickly, others have worked with us for several years as they clear various issues. The more responsive you are to documentation requests, the faster the process will go.
• Is there a minimum income I need to purchase a Homeownership Center Home?
Yes. As a general rule you must have at least $2,500 a month in household income. However, several factors are considered when determining the income needed to purchase an HCT home including the amount of your existing debt and the sales price of the HCT home. These factors will be different for each client and cannot be determined without a personal appointment.
• Can the Down Payment Assistance program from the City of Tacoma or other assistance programs be used to purchase an HCT home?
Yes. The HCT @HOME Program can be used in conjunction with the City of Tacoma's Down Payment Assistance Program. The dollar amount is capped at 3.5% of the homes sales price.
• What if I have owned a home in the past?
The HCT EVERGREEN and @HOME Programs are only available for first time buyers. HUD defines a first time buyer as someone that has not owned a home during the previous three years. If you have sold a home or relinquished possession of a home over three years ago you are considered a first time homebuyer. Certain circumstances, such as divorce, may waive this rule.