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Are you buying a home in the Tacoma, WA area near Joint Base Lewis McChord? Or thinking about it? The Washington State Housing Finance Commission (WSHFC) can help provide a large variety of people buying homes near JBLM, in the Tacoma, WA area with downpayment assistance. According the WSHFC “Do you need help with a downpayment?  For many people, the cash downpayment required to buy a home is a significant hurdle. We lower this barrier by offering downpayment assistance loans for homebuyers who use our mortgage programs (Home Advantage and House Key). As always, we encourage you to take a homebuyer education class and to connect with one of our trained lenders who knows our programs.”

Photo: Malcolm Miller, NMLS #1778886

To help facilitate the recommended homebuyer education classes, Malcolm Miller NMLS #1778886 is hosting monthly classes in Tacoma, WA. Contact Malcolm Miller by clicking here to find out when his next class is.  At these classes you’ll earn your certificate required by the WSHFC to access their programs including downpayment assistance.

Something unique about this program, Malcolm Miller says is  “that many people don’t know is that if Military, Veterans, Reserves & their families are using the VA Loan option for zero down, they can ALSO sometimes use the WSHFC downpayment assistance to help with cover closing costs. That is a huge benefit to our local military community!” Malcolm says he has successfully helped several clients achieve this in the last year. 

TO RSVP for a class, please reserve your spot by clicking here. Classes are free of charge, and spouses, friends, and partners are welcome.  

Here are some additional Q & A resources based on information available on the WSHFC website.

How can I get this assistance?
Our downpayment assistance is only for homebuyers who use our home loan programs, either Home Advantage or Opportunity. If your household income is under the program limits (up to $145,000), your credit score is at least 620, and you’re otherwise qualified for a home loan, you are probably eligible. Please visit the WSHFC website for additional information and disclaimers. 

How much assistance can I get?
It varies by program (see the list above), but $10,000 is the average amount for a typical homebuyer.

So it’s a loan that I pay back?
Yes. The interest rate is very low, from 0% to 4% depending on the program. It is wrapped into your main home mortgage, so you don’t have two bills to pay. Also, most of our downpayment loans are payment deferred— meaning no payment is due until the mortgage is paid off or until you sell, transfer, move out of or refinance the property.

You have a lot of downpayment programs. How do I know which one is right for me?
Reach out to Malcolm Miller, and he can help!  You’ll want to provide information about your location, household size and income. He can reply with recommendations just for you.

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