Homebuyers in the city of Brentwood may be eligible for this down payment assistance program. Up to $10,000 of assistance funds are offered in the form of loan with deferred payment. Because funding for this program is limited, assistance is offered first-come, first-served to eligible applicants.
The loan will need to be paid back once the first mortgage has been paid off, the property is refinanced, or the house no longer serves as the applicant’s primary residence. The loan has a decreasing interest rate which gets lower the longer that the applicant lives in the house.
In order to qualify, applicants must have a fixed-rate conventional first mortgage with a preferred lender. Applicants must also be first-time homebuyers, have not owned a house within California for the prior three years, and finish a first-time homebuyer education class. Applicants will also need to fall within an annual household income limit of less than 120% of the area median income. At least 3% of the down payment must be paid for by the applicant out of their own funds.
Other programs in California:
- MyHome Assistance Program
- Emeryville First Time Homebuyer Loan Program
- GSFA Platinum Program
- CalHome Program
- First Home Mortgage Program
- Monterey County Down Payment Assistance Program
- Santa Ana Downpayment Assistance Program
- Riverside Down Payment Assistance Program
- School Teacher Employee Assistance Program