Pierce County Loan

Pierce County Loan is a deferred second loan for homebuyers in Pierce County, Washington. HomeSight-administered Pierce County loan funded by Pierce County HOME / Affordable Housing Trust Fund providing 0%-3% deferred-payment second mortgages to lower-income first-time buyers in Pierce County. Pierce County HOME / Affordable Housing Trust Fund DPA loan administered by HomeSight, providing up to $50,000 in deferred-payment second-mortgage assistance for low-income (<=80% AMI) first-time homebuyers purchasing in Pierce County (outside of Tacoma, Lakewood, Bonney Lake, Auburn, Pacific city limits in some sub-allocations). Funding comes from Pierce County HOME Investment Partnerships Program / Pierce County Affordable Housing Funds.

Pierce County Loan is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, transfer, cash-out refi, term end, loss of owner-occupancy. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Pierce County Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Displaced homemakers, single parents, disaster-displaced (HOME 24 CFR 92.2). On credit, the program states: Minimum middle FICO 620. A homebuyer education course is required, through HomeSight Homebuyer Education; Pierce County HUD-approved counseling agencies. Residency requirement: Owner-occupied; property in Pierce County. Citizenship or immigration status: U.S. citizen or qualified alien per HOME rules. Property must be located in Pierce County. First-time homebuyer (no ownership in last 3 years); HomeSight education + counseling; minimum buyer contribution; income up to 80% Tacoma HMFA AMI (~$64,800 1-person to ~$92,650 8-person).

Pierce County Loan limits household income to 80% of the area median income, which varies by county and household size. 80% HUD AMI for Tacoma-Lakewood HMFA, adjusted for household size; approximately $64,800 (1-person) to $92,650 (8-person). The limit applies to total household income, not only the borrower&rsquo;s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Pierce County Loan caps the purchase price as follows: Per Pierce County program guidelines and first-mortgage product limits. Eligible property types include SFR, townhome, condo, manufactured (real-property), 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are eligible.

Pierce County Loan names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Pierce County Loan serves homebuyers purchasing in Pierce County, Washington.

Applications for Pierce County Loan go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through HomeSight Homebuyer Portal; first-come, first-served subject to Pierce County allocation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.