All About the First Time Home Buyer Programs in California

A wide range of First Time HomeBuyer Programs in California with low or moderate incomes is available in California.

All About the First Time Home Buyer Programs in California

California offers a new home loan program for first-time homebuyers who need to pay a down payment.

1. City of Oakland First Time Homebuyer Mortgage Assistance Program (MAP)

In order to bridge the gap between first-time homebuyers.  And for the affordability and the price of their initial residence.  The City of Oakland established the Mortgage Assistance Program (MAP).

Through the Mortgage Assistance Program, qualified candidates can get a 30-year loan.  This is to  aid with the down payment and/or closing fees.

There is a $250 application fee (which is waived for FHA/VA loans), yearly compound interest of 3%, and no monthly payments.

Payment is due 30 years from loan origination or when the borrower sells, transfers refinances or converts the property to rental housing.

Eligibility Requirements:

  1. Applicants must be first-time homebuyers who haven’t owned a house in the previous three years in order to qualify for MAP.
  2. Yearly household income isn’t allowed to go beyond 120% of the median income for the area.
  3. At least one adult household member must be a local of Oakland, a worker or student there, or a displaced person from Oakland.

In addition, purchasers are required to put down 3% of the purchase price and/or pay closing fees out of their own pocket.


2. County of San Diego’s First-Time Homebuyer Down Payment

By overseeing the First-Time Homebuyer Down Payment and Closing Cost Assistance Program. The County of San Diego, the San Diego Housing Commission (SDHC) works to help first-time homeowners with low and moderate incomes.

Low-income first-time homebuyers may be eligible for a low-interest. Deferred-payment loan of up to 10% of the purchase price for closing cost assistance and 4% or up to $10,000 for down payment help.

Payment is expected when the house is sold, refinanced, paid off.

A sum equal to the initial main loan amount plus any accumulated interest will be paid back in a single payment.

Eligibility Requirements:

  1. Applicants who have owned a house within the past three years are ineligible; they must be first-time homeowners.
  2. All candidates must finish an authorized educational course and contribute a minimum of 3% of the buying price.


3. Los Angeles First-Time Home Mortgage Program

It was founded to provide first-time homebuyer programs for low- to moderate-income households.

The Southern California Home Financing Body (SCHFA) is a joint powers authority between Los Angeles and Orange Counties. First Home Mortgage Program is one of the schemes.

The program offers people assistance with their down payment and closing fees in addition to a 30-year, fixed rate mortgage with reasonable interest rates.

To help with the down payment and closing costs, applicants who qualify for the First Home Mortgage Program may receive up to 4% of the total first mortgage amount.

This help comes as a grant with no requirements for repayment.

Eligibility Requirements:

  1. For the First Home Mortgage Program to offer help, all applicants must fulfill specific conditions.
  2. 640 minimum FICO score required, with a maximum debt-to-income ratio of 45 percent.
  3. All candidates must complete a homebuyer education course, with certificates of completion issued no later than 12 months before the conclusion of escrow.


4. Fremont First-Time Homebuyer Program BMP Homes

With its Below Market Price Homes program, the City of Fremont assists first-time homebuyers in their search for affordable housing while also promoting homeownership in the community.

The City of Fremont offers first-time homebuyers who qualify based on their income. The chance is to acquire a home built for less than market value (BMP) in accordance with the City’s Affordable Housing Ordinand.


5. Moderate Income Purchase Assistance Program

By offering loans to cover the down payment, acquisition, and closing expenses, the Moderate Income Purchase Assistance Program assists first-time, moderate income homeowners in purchasing houses.

We provide a loan of up to $60,000 for the acquisition, closing expenses, and down payment.

Eligibility Requirements:

  1. Candidates for the Moderate Income Purchase Assistance Program must be first-time homeowners who have never owned a piece of real estate in the previous three years in order to be eligible.
  2. They must all be adults 18 years of age or older who will live in the home, and their combined household income must be at or below the program’s income restrictions.
  3. They must also be U.S. citizens, lawful permanent residents, or other qualifying immigrants.
  4. All candidates must complete an 8-hour in-person homebuyer education course offered by an authorized provider, as well as put down a minimum of 1% of the purchase price in their own money.READ ALSO:What is the Easiest Type of Scholarship to Get in 2024/2025?

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