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San Leandro First Time Home Buyer Programs & Loans |
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Revised May 2009
CITY OF SAN LEANDRO
First-Time Homebuyer Program
835 East 14th Street San Leandro, CA 94577
What is the First-Time Homebuyer Program?
It is a second mortgage loan program to assist qualified low- and moderate-income borrowers with the purchase of their first home.
The funds are used toward a down payment and /or closing costs. The program funding source is the Redevelopment Agency's Housing Set-Aside Fund.
Who is eligible for a loan?
Borrower must be a first time homebuyer: a household that has not owned its principle place of residence within the last three years.
The household's combined income must be at or below 120% of the Area Median Income, adjusted by household size. The income limits follow the State Office of Housing and Community Development guidelines.
2009 Income Limitations
Household size 1 max income $75,000
Household size 2 max income $85,700
Household size 3 max income $96,450
Household size 4 max income $107,150
Household size 5+ max income $115,700
Maximun Loan amount is $30,000
Buyer shall provide a minimum 3% down payment..
What are the loan terms and interest rates?
It is a twenty-year loan with a fixed rate of 3% per year.
Loan repayment is deferred for the first five years with no interest accrual during that period.
Payments begin in the 6th year and continue through the end of the twenty-year term.
The buyer must repay the loan if the property is sold, transferred, refinanced to take cash out, or converted to rental property.
Homebuyers who earn less than 80% of the area median may choose to defer repayment of loan and accrued interest until sale, or transfer of property, refinance for cash out, or conversion to rental property.
What type of home can I purchase?
Homebuyers may purchase a new or existing single-family detached home, condominium, or townhouse unit. The home must be located within the City of San Leandro municipal boundaries.
Will training workshops be provided?
The city offers free seminars annually to prospective first-time home buyers. The workshops cover topics related to purchasing a home:
Mortgage loans prequalifications and approval process.
Credit history evaluations
Role of real estate professionals in the home buying process.
Borrowers must attend a City approved seminar to be eligible for a FTHB loan.
Funds are limited. Assistance is provided on a first-come first -served basis and as long as funds remain available.
Where can I apply?
You may apply at any one of the PARTICIPATING LENDERS listed in the enclosed supplement.
For additional information please contact:
City of San Leandro
Community Development Department
(510) 577-6004
Or call Bay Area Home Buyer Agency (BAHBA) 1888-572-1222 x 125
Call Scott Harrison for list of approved lenders at 510-388-4536
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