A Tacoma homebuyer made history this past spring, receiving $330,000 in downpayment assistance. This historic transaction is a Washington first.
It is always exciting when my Seller closes on their home. That day marks the end of a lot of hard work; painting and prepping, clearing out clutter/ moving out memories, and ending the chapter this home represented in their lives. It’s doubly special when the Buyer has a story, a dream for a chance to own a home. Their first home!
At the start of the transaction when the Buyer’s offer was submitted, I worked closely with Titus Davis, Community Lending Officer at the Washington Trust Bank. Together, we were eager to make homeownership happen for this Buyer, knowing this would be one of the largest down payment assistance program purchases in the surrounding area. This collaboration helped bridge the ever-widening income-to-property gap in the market that often excludes first time Buyers.
The Buyer received $120,000 in down payment assistance using the Covenant Homeownership Program, which provides downpayment and closing cost assistance for first-time homebuyers, in the form of a loan with a 0% interest rate. Eligibility for this program is limited to first-time homebuyers who are longterm residents of Washington State and are Black, Hispanic, Native American/Alaska Native, Native Hawaiian or other Pacific Islander, Korean or Asian Indian.
In addition to the assistance from the Covenant Homeownership Program, the Buyer also received $60,000 from city of Tacoma and another $150,000 from Washington State Commerce. In total, the Buyer received $330,000 in down payment assistance to close on her new home in Tacoma.
This Tacoma home now has a new owner, and made history the same day. For the first time ever, a new loan program from the City of Tacoma, coupled with a grant from Washington State Commerce has allowed this Buyer to have their dreams realized.
Future homebuyers can now seek out this benefit and make the once unachievable a reality: Home ownership. Thank you to Titus and others as passionate about making home affordability available to those who may not qualify the traditional ways.