Down Payment Assistance - Santa Cruz County Planning Things To Know Before You Buy

Present interest rates and APRs are offered through a Getting involved Lender. (1) Specific limitations use on all programs. See a GSFA Platinum Getting Involved Lending Institution for complete program guidelines, current rate of interest, loan applications, applicable charges and interest rate (APRs.).

Homeownership Help: California Need help buying a home? Check Here For More might receive one of these programs. Statewide and Regional Programs Programs by City/Town.

Applicant(s) and spouse should be First Time Homebuyers which is defined as someone who has actually not owned their principal residence during the previous 3 years. Some exceptions might use. Candidates' annual family income may not go beyond 120% of the Area Median Income. Income of all family members 18 years or older need to be considered (including house/roommates).

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A minimum of one adult household member need to be an Oakland citizen, an Oakland worker/student or an Oakland displacee (displaced from a former Oakland house). Buyers must contribute 3% of the purchase cost from their own funds to pay for deposit and/or closing costs. Some exceptions might apply. MAP loans offer help that fills the gap in between what a home can manage and the purchase cost.

Between 80% AMI and 120% AMI20% of the purchase rate not to surpass $50,000. N/A 3. 00% simple interest accumulates every year No Month-to-month Payments Due in 30 Years or when the borrower sells, transfers, refinances the property (under particular conditions) or transforms the house to rental residential or commercial property None Residential or commercial property must be found in the City of Oakland.

(Characteristics with adhering and non-conforming in-law systems are not appropriate). Home needs to have a satisfactory home assessment. Renovation/rehabilitation acquisition purchases are allowed with an authorized renovation/rehabilitation first home mortgage item. See a getting involved community loan officer to finish the application. There is a $250 application cost (waived for FHA/VA loans) $955,000 Owner-occupied or vacant Main Residence Deed of Trust How to Use This page will be updated when we have actually funding replenished and are taking reservations Funds are offered on a first-come first-served basis.

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Reserve space in an Education Workshop by going to and choosing a workshop. After getting a certificate from the workshop, use through one of the participating lenders. (Applications are NOT made directly through the City.) Participate in a house buyer education workshop, Get your loan pre-approval from a participating lender, Select a real estate agent.