Monterey County Down Payment Assistance Program

The First Time Homebuyers (FTHB) Down Payment Assistance Program is offered by Monterey County and funded by HOME funds provided by the state of California. This program is available for eligible properties in the unincorporated parts of Monterey County.

The amount of assistance cannot exceed the lesser of the maximum HOME subsidy limit, 20% of the sale price of the property, or the amount needed determined by underwriting criteria. This is a loan to help cover the costs of the down payment.

In order to be eligible for this program, individuals must be first-time homebuyers, have not owned a home in the previous three years, and put down a minimum of 3.5% of the sale price for the down payment from their own funds.

In order for a house to be eligible, it must be the homebuyer’s primary residence and cannot have more than 3 bedrooms, 2 bathrooms, or a 2-car garage. Further, the sales price cannot be more than $396,000 as of 2020.

The total annual household income limit for 2020 is as follows:

  • 1 person household: $46,800
  • 2 person household: $53,450
  • 3 person household: $60,150
  • 4 person household: $66,800
  • 5 person household: $72,150
  • 6 person household: $77,500
  • 7 person household: $82,850
  • 8 person household: $88,200

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