Riverside Down Payment Assistance Program

The Riverside Down Payment Assistance Program is funded by the CalHome Grant, which is offered by California’s Department of Housing and Community Development. Eligible applicants can receive up to $50,000 (or 25% of the purchase price – whichever is the lesser amount). This is a deferred-payment interest-free loan with a term of 30 years.

The loan amount becomes due after the 30-year term, or when the house is sold, transferred, refinanced, or used as a rental property.

 Qualified applicants have to be first-time homebuyers, have a minimum credit score of 580, and fall within certain income limits. In addition, they must be able to put down a minimum of 1% of the sales price from their own funds.

The purchase property must be the borrower’s primary residence, and cannot have a purchase price higher than $355,500 as of 2020. The property must be a single-family home, townhouse/condominium, or a manufactured home.

Total annual household income limits for 2020 are: 1 person household: $37,550
2 person household: $42,900
3 person household: $48,250
4 person household: $53,600
5 person household: $57,900
6 person household: $62,200
7 person household: $66,500
8 person household: $70,800

Other programs in California:

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