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First time buyer program for the City of Hayward Ca.is below. Links to other first time buyer programs include the city of San Leandro, Alameda, Oakland, FHA & HUD & VA & Cal Vet loan programs Here. Find information on the Educator or Teacher lending program and the Police or Law enforcement lending programs, credit reporting agencies. Search California Bay Area homes for sale.
How Does the Hayward First-time Homebuyer Assistance Program Work? The City of Hayward is committed to increasing the number of residents who own their homes. The city recognizes that there are many families who want to own a home and can qualify for a mortgage and afford the monthly payments, but are unable to save enough for a down payment. The First-Time Homebuyer Program (FHP) helps eligible families purchase a home in the City of Hayward.
The First-Time Homebuyer Program is designed to work with a number of different mortgage programs. The FHP provides down payment and closing cost assistance.
Am I eligible for the Program?
It is designed to help first-time homebuyers who, without city assistance would not be able to own a home.
To qualify, you must not have owned a home, condominium or town home within the last three (3) years.
You must not earn more than 120% of the area median income adjusted by household size as listed in the following table:
First-Time Homebuyer Program Income Limits
FAMILY INCOME
SIZE LIMITS
1 $72,300
2 $82,600
3 $93,000
4 $103,300
What kind of home can I purchase?
You may purchase any new or existing home, single-family detached, town home townhome (no manufactured housing units, duplexes or mobile homes).
The home must be located within the municipal boundaries of the City of Hayward (i.e., homes within the unincorporated areas do not qualify for assistance).
The maximum purchase price of the residence may not exceed $400,000.
The City cannot provide assistance to purchase properties with health and safety deficiencies or structural problems.
Can my family really afford to own a home?
Buying a home is the largest purchase most families will ever make. Plan on attending one of the City's free Homebuyer Workshops. The Workshop takes you through the home buying homebuying process step-by-step. Topics include deciding whether homeownership is right for you, shopping for a home that meets your needs, obtaining a home mortgage, closing the sale, and even maintaining your new home. You will know more home buying homebuying and will be able to negotiate the purchase and financing of the home you want. You will understand the terms of your mortgage and be confident that you can afford homeownership.
What are the terms of the FHP loan?
The City will provide qualified homebuyers up to $20,000.00, which includes:
Down Payment Assistance; and/or Closing Cost Assistance
The FHP assistance is a 30- year, Loans are amortized over 30 years. The interest rate is based on the Federal Home Bank - 11th District Cost of Funds Index (COFI) at the time of City approval. The loan is secured by a second deed of trust.
You must down payment a downpayment of at least 3% of the purchase price, plus funds for recurring closing costs unless used in conjunction with a CalHFA or FHA loan.
Do I need to qualify for a mortgage?
Yes. In order to receive assistance, you must qualify for a home mortgage. Any of the participating lenders listed in this brochure can determine if you qualify for a first mortgage and for the City's First-Time Homebuyer Assistance Program. You must use one of the lenders leanders.
How do I get started?
1. Attend a Workshop Call the City of Hayward, Department of Community and Economic Development at (510) 583-4244, or a participating lender, to reserve a space in a First-Time Homebuyer workshop.
2. Become Pre-Approved for a First Mortgage Contact participating lender to be pre-approved for a home loan and to check your eligibility for the First-Time Homebuyer Assistance Program. You MUST use a participating lender.
3. Find a Home Locate an eligible house or townhome within the incorporated areas of Hayward.
4. Sign a Contract Enter into a written contract with the seller to purchase the property.
5. Finalize your Mortgage See your lender to finalize your mortgage and FHP loan. The lender will submit an application to the city for approval. The city will verify your eligibility and that of the home to be purchased and approve the FHP loan.
6. Sign the Loan Papers Following application approval, you will sign the FHP loan documents and the first mortgage loan documents before the close of escrow.
7. Enjoy Your New Home! The city will deposit the down payment and/or closing assistance funds in the escrow account for your mortgage. When escrow closes, you are now able to move into your new home!
For more information, PDF file please call Homeownership Program at (510) 583-4244 or e-mail us at Homeownership@hayward-ca.gov REVISED: June 2008 Hayward Approved FIRST-TIME Homebuyer Classes ECHO Housing (H.E.L.P.) 510-581-9380 Unity Council 510-535-6943 Multi-Lingual Homeownership Center/ Lao Family Community Dev. 510-533-8850 Tri-Valley Opportunity Center 925-373-3930 Counseling Service/Homebuyer Classes Neighborhood Housing Services Silicon Valley 408-279-2600 City of San Leandro 510-577-6004 City of Oakland 510-238-7486 Search for homes for sale at this link. Check out other Government Loans at this link. Contact Scott Harrison Professional Realtor to get started in finding your dream home E-mail Scott Harrison Realtor 510-388-4536 Sometimes going to the source to get your Credit information is best. Good credit ratings are vital to getting the best interest rates. P.O. box 2002Allen, P.O. Box 740241 P.O. Box 1000
Tx 75013-0036 Atlanta, Ga. 30374-0241 Chester. Pa 19022 (888) 397-3742 (800) 685-1111 (800) 888-4213
Below is an older list of FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM PARTICIPATING LENDERS
Bank of America* Washington Mutual Bank*
Debbra Carriagan Robert T. Gray 180 Grand Ave. Ste. 1000 7600 Dublin Blvd.
Oakland, CA 94612 925 247-8358
(510) 587-8322
Citimortgage Washington Mutual Bank*
Jerry Medina Eva Swan
39138 Fremont Blvd. 5050 Broadway Avenue
Fremont, CA 94538 Oakland, CA 94611
(877) 494-0834 (510) 302-3402
Countrywide Home Loans* Wells Fargo Home Mortgage*
Kamino McDowell Christina Nelson
3201 Danville Blvd. 3040 Castro Valley Blvd.
Alamo, CA 94507 Castro Valley, CA 94546
(925) 552-4740- Ext. 4748 (877) 310-4288
*These lenders are approved to offer California Housing Finance Agency in 2002 (CalHFA) HiCAP loans may provide down payment and closing cost assistance to qualified buyers. You must use of the CalHFA-approved lenders to participate in this program.
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