Through the First Time Homebuyer Loan Program, eligible applicants can receive down payment assistance. Assistance is offered in the form of a deferred payment loan. The interest rate for this loan is 75% of the first mortgage’s rate, but not more than 5%. This loan must be repaid when the house is sold, transferred, is no longer the applicant’s primary residence, or after a term of 30 years.
Applicants must put down a minimum of 3% of the down payment from their own funds. Most applicants must be first-time homebuyers and have not owned a home in the prior three years in order to qualify. However, exceptions can be made for single individuals who had previously owned a home with an ex-spouse or an ex-domestic partner, or employees of the city of Emeryville or of the Emery Unified School District.
Most applicants will also need to meet certain household income limits, and have a total household income less than 120% of the area median income. However, this may not apply if one of the homebuyers is an employee of the city of Emeryville.
In order for a house to qualify under this program, it must be the borrower’s primary residence. It must also meet a certain minimum and maximum household size, determined by Section 503(b) of the Uniform Housing Code and based on the number of bedrooms. These limits are as follows:
- Studio -- 1 to 2 people
- 1 bedroom -- 1 to 3 people
- 2 bedrooms -- 2 to 5 people
- 3 bedrooms -- 3 to 7 people
- 4 bedrooms -- 4 to 9 people
Other programs in California:
- MyHome Assistance Program
- Brentwood Down Payment Assistance 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