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First Time Homebuyer Program
The City of West Sacramento
is pleased to announce a First Time Homebuyer (definition)
Assistance Program. Qualified homebuyers may receive up to $100,000
or 35% of the purchase price of a home (whichever is less) towards the
purchase
of a home located in West Sacramento in the form of a deferred second
loan.
- Preference will be given to persons living or working in West
Sacramento.
- Homebuyers
must be at or below 80% of Area Median Income for Yolo County (see
table).
- Applicants must meet the following criteria to qualify for the program:
- Be a First Time Homebuyer;
- Have good credit
- Have stable income for a minimum of two years;
- Attend all three homebuyer
workshops conducted by the Home Loan Counseling Center
of Sacramento (see www.hlcc.net or call
646-2002 to register for classes);
- Have a three percent (3%) downpayment. Up to 2% of the 3% downpayment may come from other non-loan sources such as gift or grant funds. At least 1% of seasoned savings must come from the buyer’s own funds.
- New and previously owned single-family homes,
condominiums, and manufactured homes on permanent foundations
in the City of
West Sacramento are eligible for assistance. Purchase agreements
for
new construction homes cannot be signed until after the start
of the
pouring of
concrete
for the foundation.
- Maximum purchase price for CalHome and CDBG funded loans is 85% of CAR median home sale price for one and two-bedroom units and 90% of CAR median home sale price for units with three or more bedrooms. The maximum home purchase price for HOME funded loans is $362,790.
- Homes must pass an inspection by a City-approved
inspector, be in compliance with local building codes, and be
free of
health and safety hazards.
- Rental units are not allowed unless
the unit has been vacant for 4 months, or unless the current
tenant is the homebuyer.
- The homebuyer must live in the unit.
The loan will be due and payable if the unit is sold or rented
out.
Additional requirements may apply. For information, please
call the Home Loan Counseling Center at (916)
646-2005. The Home Loan Counseling Center administers the City's FTHB Program.
The City of West Sacramento complies with all state and federal fair
lending regulations to assure nondiscriminatory treatment, outreach,
and access. Reasonable accommodations will be made for persons
with disabilities upon request.
Para información en Español oprima aquí o comuníquese con el Home Loan Counseling Center al (916) 646-2005.
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