This program has been suspended until further notice effective, October 27, 2009. An applicant may be placed on a wait list if they can wait, but no new applications will be processed.
The City of Pasco has developed the Community Housing Improvement Program (CHIP) for the purpose of expanding affordable home ownership opportunities by offering financial assistance to FIRST TIME, low to moderate-income homebuyers in Pasco.
How does the Program work?
The Applicant(s) will get processed for pre-approval. Qualified applicant(s) will be placed on a waiting list in the order their application is received. Once an applicant(s) name has reached the top of the waiting list they will be contacted, screened and referred to a local lender to qualify for a mortgage (if necessary).
Qualified applicant(s) will be required to complete first-time homebuyer education class through a Washington State Housing Finance Commission approved trainer. Applicant(s) will also be required to provide 50% of the required down payment or $1,000 whichever is greater.
The CHIP Down Payment Assistance Program provides a loan in the form of down payment assistance and eligible closing. The City will provide financing, up to a $5,000.00, which enables a FIRST TIME, low to moderate-income person(s) or family to purchase vacant or owner occupied home for sale within the priority neighborhoods in Pasco City limits.
How does the Loan work?
The down payment assistance loan is carried as a thirty (30) year deferred payment, second mortgage, zero percent (0%) interest, with a local financial institution holding a first mortgage. Upon completion of the thirty (30) year deferral period or upon satisfaction of the first mortgage, whichever occurs first, the down payment assistance loan balance is amortized and paid annually over a ten (10) year period.
What Do I Need To Do?
If you are interested in this program and feel you meet the qualifications, complete the application, attach the necessary income information and bring/send the completed package to Community Building Department/Kiemle & Hagood 601 W Main Suite 400
Spokane WA 99201 or call their office at (800) 767-4798.
