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Information for Single-Family
Lending and
Real Estate Professionals
Program
Announcement
June 6, 2014
Tacoma Downpayment Assistance Funds Now Available
The Commission is pleased to announce the funding of the Tacoma Downpayment Assistance Program in partnership with the Tacoma Community Redevelopment Authority for borrowers purchasing within the Tacoma Redevelopment Authority city limits.
Amount Available
$1,000,000
Dates of Availability
Loan reservations will be accepted for the Tacoma Downpayment Assistance Program for borrowers at or below 80% of Area Median Income beginning 06/06/2014. The downpayment assistance loan must be used in conjunction with a Home Advantage or House Key Opportunity first mortgage. Tacoma downpayment assistance funds offer up to $20,000 in downpayment assistance and have a reduced rate of 4% deferred simple interest with no monthly payments, subject to availability. Please see the manual on our Website at wshfc.org/sf/downloads.html for complete terms and conditions. Further restrictions apply. Program funds are subject to availability.
Manual updates have been posted:
Home Advantage Manual
Section 2, page 2.3, Updated language under IRS Form 4506-T
section.
Appendix III – Per Fannie Mae guidelines, the borrower cannot
own any other real estate at the time of loan closing on
Conventional HFA Preferred. The Pre-Closing Compliance Review
Checklist has also been updated to include the Tacoma DPA
Program.
House Key and MCC
Federal Subsidy Recapture Tax – Adjusted Qualifying Income Table Limits have been updated.
House Key Plus ARCH
Page 14.1 – The first time homebuyer requirement is no longer applicable.