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San Leandro First Time Home Buyer Programs & Loans |
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This page is brought to you by Scott Harrison 510-388-4536 Local Realtor
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CITY OF SAN LEANDRO
835 East 14th Street San Leandro, CA 94577
First-Time Homebuyer Program
San Leandro First Time Homebuyer has up to $30,000 in financial assistance for qualified low- and moderate-income borrowers for the purchase of their first home.
The City's low interest loan can be used for combination of down payment and closing costs.
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.
Combined gross incomes household limits are at or below 120 percent of the area income, adjusted by household size.
The income limits follow the State Office of Housing and Community Development guidelines.
| Household Size |
1 |
2 |
3 |
4 |
5 |
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| Moderate Income Limits |
$75,850 |
$86,700 |
$97,500 |
$108,4350 |
$117,000 |
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For additional information, please call (510) 577-6004.
For information on upcoming City and approved free first time homebuyer seminars (conducted by Bay Area Home Buyer Agency), please go to www.myhomegateway.com, or call (888) 572-1222, ext. 110.
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.
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?
For information on upcoming City and approved free first time homebuyer seminars
seminars (conducted by Bay Area Home Buyer Agency), please go to www.myhomegateway.com, or call (888) 572-1222, ext. 110.
For additional information please contact:
Scott Harrison for list of Homes for sale 510-388-4536
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