Emeryville First Time Homebuyer Loan Program
Financial Assistance for Homebuyers in California
The First Time Homebuyer Loan Program provides down payment assistance in the form of a low-interest rate, deferred payment loan. The interest is set at 75% of the first mortgage’s rate, or 5%—whichever is less. This payment is due upon sale, transfer, when the home no longer serves as the borrower’s primary residence, or in 30 years, whichever comes first. Borrowers must contribute at least 3% of the down payment themselves.
Applicants must, in fact, be first-time homebuyers, which means that those who have owned a home in the last three years do not qualify. There are exceptions to this rule if the applicants
- Are single individuals or single parents who previously owned a house within the past three years with a previous spouse,
- Are employees of the City of Emeryville
- Are employees in the Emery Unified School District, or
- Who previously owned a house with a domestic partner within the past three years but the domestic partnership has been terminated.
All applicants’ total household income must fall within 120% of area median, as published annually by the United States Department of Housing and Urban Development (HUD) unless one of the buyers in the household is an employee of the City of Emeryville.
Any home being purchased must serve as the applicant’s primary residence. Occupancy limits or purchasing unit will be based upon Section 503(b) of the Uniform Housing Code, which specifies the minimum and maximum household size allowed based upon the number of bedrooms in a unit:
Studio -- 1 to 2 persons
1 bedroom -- 1 to 3 persons
2 bedrooms -- 2 to 5 persons
3 bedrooms -- 3 to 7 persons
4 bedrooms -- 4 to 9 persons
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in California
The City of Brentwood offers first-time homebuyers the Down Payment Assistance Program (DAP), which provides funds that go toward the down payment and/or closing costs. Assistance comes in the form of a deferred payment loan program for first-time homebuyers.
The CalHFA MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs.
The First Time Homebuyer Loan Program that was established by the City of Emeryville provides down payment assistance to households at or below moderate income. This initiative gets individuals out of the renter’s trap by helping them to pay the heavy, upfront costs of purchasing a home.
The California Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home.
The Los Angeles County Development Authority (LACDA) provides low- and moderate- income households with down payment assistance via the Affordable Homeownership Program.
The FTHB Program provides down payment assistance in the form of a loan, the maximum amount of which may not exceed the lesser of the maximum HOME subsidy limit, 20 percent of the purchase price, or the amount needed as determined by underwriting criteria. The maximum loan amount will never exceed the amount of the primary loan.
The Orange County Housing and Development Mortgage Assistance Program provides down payment assistance loans to assist low-income first-time homebuyers.
The San Diego County Down Payment / CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually.
Santa Ana’s Downpayment Assistance Loan Program provides eligible applicants up to $40,000 to be put toward the down payment on their new home. These funds are available on a first-come, first-served basis, in the form of a zero-interest loan.
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