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:
- MyHome Assistance Program
- Brentwood Down Payment 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
- School Teacher Employee Assistance Program