Cal Home Program offers up to $38,000 in a “silent” down payment assistance loan for low-income households purchasing in Contra Costa. This loan is secured by a Deed of Trust on the property and requires no monthly payments.
Cal Home LOAN PROGRAM REQUIREMENTS
- Applicant must be a first-time homebuyer
- Applicant must complete HUD approved 8-hour homebuyer education class.
- Applicant’s annual household income may not exceed the current program limits (See Table 1)
- Income of all household members age 18 years and over is included (See Table 1)
- Property must be in Contra Costa
- Property must be a single-family dwelling including condos, townhouses, live-work units, and manufactured housing
- Property must be vacant or owner occupied, no tenants may be displaced
- Property must be primary residence
- First mortgage loan must be 30-year fixed with taxes and insurance impounded
To qualify for CHDC Cal HOME down payment assistance your income cannot exceed the following:
HOMEBUYER ASSISTANCE PROGRAM GUIDELINES
The City of Vallejo provides gap lending of a maximum loan of up to $50,000.00 to first-time homebuyers for the purchase of properties located within the city limits of Vallejo. A first-time homebuyer is defined as a person who has never owned a home before or has not owned a home for at least three years.
- Borrower must be at or below 80 percent of the area median income, (see Eligibility Guidelines chart below).
- Borrower must put have liquid assets of no more than $25,000.00, and may not own rental
- Borrower’s housing to income ratio may be no higher than 41 percent
- Borrower’s debt to income ratio may be no higher than 38
- Loans will be deferred over a 30-year term, typically at three percent annual
- In addition, a grant of up to three percent of the sales price for non-recurring closing costs is available in tandem with the
- If the house was built prior to January 1, 1978 a lead-based paint inspection will be required. If the inspection shows that there is lead based paint that has been disturbed, it must be encapsulated and a clearance report must be
- Borrowers must complete a Homebuyer Education class certified by the U. S. Department of Housing and Urban Development (HUD).
Fiscal Year 2021 Income Limits for Solano County:
Number in Household / Maximum Annual Income
1 / $54,350
2 / $62,100
3 / $69,850
4 / $77,600
5 / $83,850
6 / $90,050
7 / $96,250
8 / $102,450
For more information, please contact Community Housing Development Corporation (CHDC) at (510) 412-9290, or email@example.com. For information on homebuyer education and counseling, please sign in to https://chdc.force.com/chdccft.
Community Housing Development Corporation (CHDC) is proud to be part of the Neighborhood LIFT program in collaboration with Wells Fargo and NeighborWorks® America. Neighborhood LIFT provides eligible homebuyers with $25,000 in down payment assistance on qualified properties. For more information about the Neighborhood LIFT program: https://communityhdc.org/lift/
CHDC works with a number of banks to assist homebuyers in applying for WISH grant funds. .
Workforce Initiative Subsidy for Homeownership (WISH)
- Provides matching grants to qualified first-time homebuyers
- 4:1 match on homebuyer contribution up to $22,000
- Participant is a first-time homebuyer according to Federal Home Loan Bank definition
- Restricted to households at or below 80% AMI (Area Median Income)
- Must complete a homebuyer counseling program provided by an experienced organization
- 5-year retention period
Note: Funds not available at this time. Call us for more information.