Program may help you get that home

If you want a home but don’t have the down payment, Spokane HomeOwnership Resource Center (SHORC) may be able to help.

SHORC is a nonprofit organization devoted to helping Inland Northwest consumers make wise decisions buying and owning a home. Through free services such as pre-purchase counseling, referrals and homebuyer education seminars, SHORC informs potential buyers about programs that provide down payment assistance and low interest loans.

One such program is the HomeStep Down Payment Assistance Program (HomeStep). HomeStep provides grants in the form of gift funds to qualified buyers. Qualified buyers must purchase a HomeStep participating home using an eligible loan program, which permits the buyer to receive gift funds.

The seller of the home makes a contribution to HomeStep and pays a service fee of $499. This fee is set for existing and new construction homes, regardless of the purchase price. HomeStep gifts to the buyer the funds needed to cover down payment and closing costs on the home. Because the funds are a gift, the buyer does not pay them back.

HomeStep can be used anywhere in the United States, on any kind of home, and has no maximum allowable loan amounts and no income limits. It is not restricted to first-time buyers and can be combined with other down payment home ownership programs, if all program requirements are met.

It’s easy to use, too. There are just four forms a lender or REALTOR® must complete, which can be done online on the HomeStep website at www.homestepprogram.org. Or download the forms, fill them out and fax them to SHORC.

Funds can be wired or delivered to closing the same day paperwork is received, if needed, and SHORC is always available at (509) 343-7472 to help and answer questions.