A Washington Trust Bank customer recently secured $336,000 in down payment assistance, making their dream of becoming a homeowner in Western Washington come true. The down payment assistance (DPA) not only helped the customer cross the finish line — it also significantly lowered their monthly mortgage payment.
All of this was thanks to Titus Davis, a Community Lending Officer, who knows the ins-and-outs of DPA and working with first-time homebuyers.
Priced out.
Like many first-time homebuyers, the customer was starting to feel priced out of the Western Washington housing market. With home prices continuing to rise each year, buying a home felt unaffordable for the client. On top of that, the client was feeling another financial strain: her family. The customer’s parents were on a fixed income and had been leaning on their daughter for support.
With each passing month, and with each glance at an expensive house for sale, the customer felt like she’d never own a home.
But thankfully, the customer was working with Titus Davis.
It’s not only life-changing for her, but it also provides stability for her parents as they age. These programs are allowing her to buy a bigger house and take care of her family.
-Titus Davis, Community Lending Officer
Knowing where to look.
Finding DPA is where working with a lending officer like Titus is important. You might not realize it, but there are a variety of programs from agencies and nonprofits that distribute DPA to first-time homebuyers.
In particular, Titus was aware of DPA being offered by the very city where his customer wanted to own a home.
“When I found out my client was looking in Tacoma, I reached out to the City of Tacoma because they have a down payment assistance program,” Titus explained. Sure enough, he secured $60,000 in DPA for his client through a city program.
But that wasn’t the only DPA the customer secured. Separate from the assistance offered by the City of Tacoma, Titus had previously worked to secure $126,000 in DPA for his client from Washington State.
Additionally, Titus’s community connections landed DPA through a local nonprofit, Young Black Homeowners. The group oversees its own DPA program, called the African American Leadership Forum (AALF). Through AALF, the customer received another $150,000 in DPA.
Titus then got to work stacking all the different types of DPA together, communicating with his customer, and managing all the moving parts.
“We played out different scenarios,” said Titus of working with his client. “Her patience was really what worked in her favor.”
“It’s a vast difference.”
Ultimately, thanks to Titus and Washington Trust Bank, the customer used the DPA to buy a $560,000 home in Tacoma.
The customer is feeling the benefit of that DPA every month — because of the $336,000 down payment, the customer’s monthly mortgage payment is $2,100 compared to what would have normally been around $4,900.
“It’s a vast difference,” said Titus. “When we finally closed on her home, it was like a weight off the chest.”
Titus’s hard work is also helping in another way: his client can now take better care of her parents. Since the DPA helped secure a larger home, the customer’s parents were able to move in with her.
“It’s not only life-changing for her, but it also provides stability for her parents as they age,” Titus said. “These programs are allowing her to buy a bigger house and take care of her family.”
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