House Buying Help for Tacomans

A reasonably consistent theme in emails to me is that Tacoma is getting too expensive.  The home owners, developers, and city folks seem completely okay with that.  The folks that are renting now are concerned that they’ll never be able to make the jump to home ownership.  If you are a renter, what can you do to get ahead and buy into this nutty market?

The News Tribune has a story this morning about FHA loans.  These federally backed loans are fine, but there are various restrictions and a 3% minimum down payment keeps many folks away from them. 

On the other hand, did you know that Tacoma has down payment assistance?  If you are single and make less than $34,800, or live in a family of five and make less than $53,700, you can qualify for a 20 year interest free no payment loan worth up to $20k.  There are neigbhorhood restrictions, but a lot of the qualifying neighborhoods are exactly the ones I’ve been telling my friends to consider.  So who’s in?

Link to City of Tacoma

Link to The News Tribune