Homebuyer Down Payment Assistance Available in Grays Harbor and Northern Pacific County
NeighborWorks is excited to be able to offer Down Payment Assistance loans to qualified Borrowers. This loan can be done in coordination with most lenders and allows the Borrower to qualify for a home in a higher price range. Through this program, first-time homebuyers purchasing a home in Grays Harbor County may be able to qualify for Down Payment assistance (DPA) of up to $50,000.00. This Down Payment Assistance program is offered in Grays Harbor County and northern Pacific County only.
Program Highlights:
- DPA loan is process simultaneously with the primary loan. Very little document duplication.
- Loan fees and processing fees (most closing costs) may be paid out of the DPA loan portion.
- Borrower will still need to pay for and provide homeowners insurance and property taxes owed.
Eligibility:
- First Time Home Buyer as defined by the Housing Trust Fund.
- Income qualified. Must make no more than 100% of area median income for Grays Harbor County adjusted for number of people in the household as per Housing Trust Fund calculations.
- Home must be owner occupied, real property (principal residence affixed to a permanent foundation). No mobile homes.
- Home buyer must qualify for primary loan through a mortgage lender willing to participate with the Down Payment Program.
- Home buyer must complete an online home buyer course and speak with a certified housing counselor to complete the certificate program. Cost is $50 per borrower.
- Minimum credit Score of 640 needed.
- Home must be in “Turn Key” readiness for occupancy. No rehab.
- Home inspection is required prior to approval.