HOMEOWNERSHIP CENTER NORTHWEST
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PROGRAM GUIDLINES


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 (Typically, 80% 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.
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  • Home
  • About Us
    • About Us
    • History
    • Financial Information
    • Employment Opportunities
    • Partners
    • HCNW Staff
  • Services
    • Homeownership >
      • Homes Now Available
      • Eligibility
      • Program Guidelines
    • Homebuyer Education
    • Financial Counseling
    • Home Maintenance
    • Foreclosure Prevention
    • Home Development
  • Resources
    • Resources
    • Black Home Initiative
  • Get Involved
    • Blueprint Dinner
    • Volunteer
    • Donate
    • Contact
    • Newsletter