ELIGIBILITY
Homeownership Center Northwest receives major funding from the City of Tacoma, Pierce County Human Resources, the Washington State Housing Trust Fund, and the City of Lakewood. This funding requires that specific buyer qualifications must be met. Do you qualify? To be eligible to purchase one of our homes and take advantage of the special financing programs you must meet and /or agree to the follow eight (8) items:
1) Have NOT owned a home within the past three years.
2) Have at least $1,000 available for a down payment and approximately $600 available for the first year’s homeowners’ insurance premium.
3) Have a total combined household annual income that does not exceed 80 percent of the area’s median income (AMI), adjusted for family size. Below is a table to help know if you qualify for help.
1) Have NOT owned a home within the past three years.
2) Have at least $1,000 available for a down payment and approximately $600 available for the first year’s homeowners’ insurance premium.
3) Have a total combined household annual income that does not exceed 80 percent of the area’s median income (AMI), adjusted for family size. Below is a table to help know if you qualify for help.
Household Size |
Low Income (80% AMI) |
1 |
$56,850 |
2 |
$65,000 |
3 |
$73,100 |
4 |
$81,200 |
5 |
$87,700 |
6 |
$94,200 |
7 |
$100,700 |
8 |
$107,200 |
*based on 2022 Income limits for Tacoma, WA
4) Use the home you purchase from HCNW as your principal residence – the home MAY NOT be used as a rental for as long as you own the property.
5) Attend and complete the required five-hour Washington State First Time Homebuyers class.
6) Be willing and able to repair any outstanding credit issues. Bankruptcies must have been discharged for the minimum period required by the First Mortgage Lender.
7) Agree to offer the home for sale to HCNW first before selling on the open market.
8) Agree to specific financial terms if the home is sold during the first five years of ownership.
If you are able to meet this eligibility criterion, HCNW’s programs offer an unparalleled homeownership opportunity!
Next Steps:
1) Register for a HCNW Homebuyer Orientation
2) Attend a First Time Homebuyer Seminar
3) Complete Application Forms
Please note filing an application does not automatically constitute a relationship with HCNW.
4) Use the home you purchase from HCNW as your principal residence – the home MAY NOT be used as a rental for as long as you own the property.
5) Attend and complete the required five-hour Washington State First Time Homebuyers class.
6) Be willing and able to repair any outstanding credit issues. Bankruptcies must have been discharged for the minimum period required by the First Mortgage Lender.
7) Agree to offer the home for sale to HCNW first before selling on the open market.
8) Agree to specific financial terms if the home is sold during the first five years of ownership.
If you are able to meet this eligibility criterion, HCNW’s programs offer an unparalleled homeownership opportunity!
Next Steps:
1) Register for a HCNW Homebuyer Orientation
2) Attend a First Time Homebuyer Seminar
3) Complete Application Forms
Please note filing an application does not automatically constitute a relationship with HCNW.
