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Through the Department of Housing and Redevelopment a first-time home buyers program has been created to provide down payment assistance loans. This program is designed to expand home ownership opportunities to low and moderate income persons by providing down payment assistance and/or closing cost for the first-time home purchase. This program is available in various cities and counties through-out California.
WHAT IS THE DEFINITION OF FIRST-TIME HOMEBUYER?
A household who has not owned its principal place of residence within that last three years.
WHO IS ELIGIBLE FOR A FIRST-TIME HOMEBUYER LOAN?
Households whose incomes do not exceed 120% of the Area Median Income, adjusted by household size. The income limits follow the U.S. Department of Housing and Urban Development (HUD) guidelines, which are updated yearly.
IS HOMEBUYER EDUCATION REQUIRED?
A potential home buyer must attend a First Time Home Buyer Workshop; a list of pre-approved first-time home buyer programs education programs can be provided.
WHAT TYPE OF HOME CAN I BUY?
Home Buyers may purchase a new or existing single-family, condominium or townhouse unit.
IS THERE BUYER CONTRIBUTION REQUIRED?
Borrower must provide a minimum investment of $1000 towards the purchase
IS THERE A FEE TO OBTAIN A FIRST-TIME HOMEBUYER LOAN?
Yes. The borrow will be charged a fee which is payable at the time of application is submitted. This fee must be from borrower's funds, and is not reimbursable. This fee is in addition to the borrowers required $1000 minimum investment. The fee varies by location, but usually runs around $350.
WHAT ARE THE TERMS OF THE LOAN?
Loan repayment is deferred for the first five years. Payments of principal and interest begin in year 6 and continue through year 20. Borrower must pay remaining balance if property is sold, transferred, or converted to rental property at any time during the loan period. This loan is recorded as a second mortgage.
IS OWNER OCCUPANCY REQUIRED?
Yes, owner occupancy is required.
WHERE DO I GET MORE INFORMATION ON A FIRST-TIME HOMEBUYERS LOAN?
We can help you find out if you quailify for the program, call one of our agents now or complete our online questionaire. Upon completion of the questionaire, one of our Mortgage Specialist will contact you to answer any questions you may have.
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