HOMEOWNERSHIP CENTER NORTHWEST
  • Home
  • About Us
    • HCNW Staff
    • Employment Opportunities
    • Financial Information
  • Services
    • Homeownership >
      • Eligibility - About You
      • Program Guidelines
    • Homebuyer Education
    • Financial Counseling
    • Home Maintenance
  • Volunteer
  • Donate
    • 2022 Home for the Holidays
  • Contact
Donate

Program Guidelines

In order to ensure that our program benefits low- and moderate-income first time homebuyers, our board has established these program guidelines.

Pre-Purchase
  • 1st Time Buyer (not owned a home in the last three years)
  • Income below that required by the funding being used for the transaction (either 80% AMI or 120%  AMI)
  • All judgements / collections are paid in full
  • No bankruptcies in the past two years
  • Sufficient income to qualify for a 1st mortgage loan hat tis large enough to get within $40,000 - $60,000 of sale price using lenders and City of Tacoma's, Pierce County affordable housing underwriting requirements. HCNW will make up the remaining mortgage shortfall with a no-interest, no monthly payment, second mortgage which is not due for 30 years.
  • Must attend the Washington State Housing Finance Commission's approved 5-hour homebuyer education class.

Purchase
  • Buyer pays $1,000 down payment
  • Buyer pays 1st year's homeowner's insurance (usually around $600)
  • Remaining closing costs after the down payment and payment of first year's homeowners' insurance is paid for by a third mortgage which is forgiven at the rate of 20% per year.

Post-Purchase
  • Must live in the home as a principal residence - no renting allowed.
  • Refinance of 1st mortgage allowed only to reduce the term and/or rate - no cash out allowed without paying off any outstanding second and/or third mortgages.
Picture
Copyright 2020
HOME                     ABOUT US                     SERVICES                     VOLUNTEER                     DONATE                   CONTACT
Powered by Create your own unique website with customizable templates.
  • Home
  • About Us
    • HCNW Staff
    • Employment Opportunities
    • Financial Information
  • Services
    • Homeownership >
      • Eligibility - About You
      • Program Guidelines
    • Homebuyer Education
    • Financial Counseling
    • Home Maintenance
  • Volunteer
  • Donate
    • 2022 Home for the Holidays
  • Contact