Yes
No.
No, there is no course requirement for realtors or lenders.
No, homebuyers are not permitted to place the home under a trust while participating in the “My First Home” Down Payment Assistance Program.
Yes. Processing time for your application will increase to account for coordination between all parties involved.
No, multi-family properties, including duplexes, triplexes, and properties with additional habitable units are not allowed. We only allow owner occupied residences.
No, we will work with any lenders who meet our requirements, outlined in the program application.
Yes.
We follow HUD guidelines for our low income category and the state’s Housing and Community Development guidelines for our moderate income category.
We average out earned income by previous pay periods and project the average for the remaining pay periods of the year.
If the property being purchased was a rental property, a Seller’s Statement is required to declare that no individual was evicted before the sale.
The expected turn-around time is 30-45 days.
At the opening of escrow
Payment is due as a lump-sum at the end of 45 years or when the property is transferred to another party. We do not accept monthly payments.
If the property is refinanced and the equity is cashed-out, we require payment of the loan in full at that time.
Individuals who will be on the title and deed of the property.
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