California Down Payment Assistance

Alameda County Mortgage Credit Certificate

The Mortgage Credit Certificate Program (MCC) is a federal program that helps first-time homebuyers to qualify for mortgage loans. MCCs give homebuyers a “dollar for dollar” tax credit against federal income taxes equal to up to fifteen percent (15%) of annual mortgage interest. By effectively reducing monthly mortgage payments, MCCs give homebuyers greater ability to qualify for and support a mortgage loan. Program participants are subject to limits on maximum household income and maximum home purchase price. If the home buyers’ tax liability is lower than their available MCC tax credit, they can carry forward the unused tax credit for three additional years.

The MCC program for the City of Alameda is administered by the Alameda County Housing and Community Development Department. The County has administered the MCC program since 1989, assisting home buyers in traditionally high-cost housing markets throughout Alameda County. Since 1994, 110 households have been assisted through the MCC program in the City of Alameda. From 1999 through 2003, seven Alameda households were assisted through the Alameda County MCC for more information about the MCC program, or to obtain a list of participating lenders, contact the Alameda County Housing and Community Development Department office at (510) 670-5246, or visit their website at www.acgov.org/cda/mcc_program/. (02/04)

For more information about Mortgage Credit Certificates or other Down Payment Assistance programs you may qualify for,  you may either contact the County of Alameda or complete this simple online form.

For a complete list of upcoming no-cost on-line home buyer classes, follow this link - Upcoming First Time Homebuyer Classes

Downpayment Assistance Loans - Now Available
The Downpayment Assistance Program offers generous financial assistance to first time homebuyers looking to purchase a home in Alameda. The program provides loans from $50,000 to $80,000 and is available to households with a wide range of incomes. Eligible uses of program funds include downpayment and/or closing costs for the purchase of a single family residence anywhere in Alameda.

This program is being administered by First Home, Inc. For more information, please call First Home directly, at (888) 572-1222 ext. 110. Click here to visit their website.

To view the Down Payment Assistance Program brochure, click here. (5/08)

For more information about this loan program or other Down Payment Assistance programs you may qualify for,  you may either contact the city of Alameda or complete this simple online form.

For a complete list of upcoming no-cost on-line home buyer classes, follow this link - Upcoming First Time Homebuyer Classes

First-Time Home Buyer Programs:

Teacher Homebuyer Program (THP) is an integral part of the City’s effort to make San Jose California’s most teacher-friendly city. The goal of the THP is to attract and retain public school teachers to provide a quality education for San Jose youth. To achieve this goal, the THP offers a deferred-payment loan of $40,000 or $65,000 depending on household income.

Eligible Applicants

Income eligible full time permanent K-12 public school teachers in San Jose or a qualified border school.

Program Criteria

* Cannot currently own a home as a primary residence.
* Have a gross income that does not exceed 120% of median income for Santa Clara County, adjusted for family size. Please refer to the Santa Clara County Eligibility Criteria sheet for the eligible income levels.
* Sign up and complete a required first-time homebuyer education class. Interested teachers are strongly encouraged to contact Neighborhood Housing Services Silicon Valley (NHSSV) at 408.279.2600. Additional non-profit homebuyer education courses are offered through ACORN Housing at 408.297.3087 and Project Sentinel at 408.720.9888. Your lender may also provide an approved homeownership certificate class. Be prepared to provide the City and your lender with a copy of the certificate of completion.
* Have an acceptable credit history (this also applies to co-borrowers) and a minimum credit score of 600.

Eligible Properties

Owner occupied, single-family homes, townhomes, and condominiums located within the City of San Jose municipal boundaries. The maximum home purchase price is $732,000. However, your total monthly housing cost cannot exceed the “Affordable Housing Cost” limit as shown on the Eligible Criteria sheet. Total monthly housing expenses include:

* loan principal and interest payment
* property taxes
* insurance
* homeowners association dues
* utilities (other than phone)
* maintenance and repair

Loan Limits

The maximum THP loan amount is $65,000 or $40,000 depending on your income.

Affordability Restriction

The property will be subject to a 45-year affordability restriction. The restriction requires either:

1. The property be sold only to an income-qualified household to an affordable price, or
2. The City and the borrower(s) share any increase in equity that accrues between the date of the original purchase and the date of sale.

For more information about this loan program you may either contact the city of San Jose or complete this simple online form.

If you are an employee or a California Public School or Community College you should also consider attending this no-cost on-line class - A Complete Guide to the CalSTRS 80/17 Home Purchase Program

It’s official folks, the bottom of the market is all around us.  First time home buyers and investors pour into the market as home prices continue to plummet.

Here is an article that appeared in the OC Register on November 18th, 2008:

“Bargain-basement sales helped pull down home prices in the SoCal region last month and boosted the number of transactions by a record 67%, DataQuick reported today.

The median price of a Southern California home fell to $300,000 in October — the lowest since April 2003 and down 41% below the peak price hit in the spring and summer of 2007.

The record gain in sales was attributable to very weak sales last year and high foreclosures this year. Since sales fell to record lows a year ago — remember the twin meltdowns in the mortgage market last year? — October’s gain was a percentage record. But at 21,532 transactions, the total still was 12% below average, DataQuick reported.

Record foreclosures also boosted sales while pulling down prices. DataQuick’s figures show that half of October’s sales were recently foreclosed homes. In Orange and Los Angeles counties, foreclosed homes accounted for four out of 10 sales. Lower-priced neighborhoods, where foreclosures predominate, made up the lion’s share of last month’s sales figures.

For example, a third of all SoCal sales last month occurred in the Inland Empire, where foreclosures accounted for two out of every three transactions. The median home price in those counties dropped below $230,000 last month, or almost half of the median sale price at the market peak.”

Once again, It is my contention that this is the bottom of the market for most areas in the State of California.  Credit continues to be available for first time home buyers and there is no better time than now to take advantage of this market.

If you would like more information about foreclosed homes in your area and low to no down payment loan options available to you, either give us a call at 1-866-667-6724 or complete this simple on-line form for more information

The City of Alameda offers many resources to both home owners and home buyers looking to move to the city.  I want to focus on the home buyer programs that are available through the city here.

First Time Homebuyer Workshops - Hundreds of people have taken advantage of the City’s Home Buyer Workshop. The workshops cover the complete home buying process including the following topics:

Overview of the Home Buying Process

• Credit & Budgeting
• Qualifying for a Loan
• The City’s Downpayment Assistance Program
• The Loan Application/Preapproval Process
• Selecting a Home
• Role of the Real Estate Agent
• Home Maintenance
• Foreclosure Prevention

Workshops are conducted by First Home, Inc. and participants must register to attend. Please register by calling 888.572.1222 x110, or Click here to register.

The next workshops are scheduled for:

• Saturday, November 15th

2009 Workshops

• Saturday, February 21st
• Saturday, May 16th

Down Payment Assistance Programs - The Downpayment Assistance Program offers generous financial assistance to first time homebuyers looking to purchase a home in Alameda. The program provides loans from $50,000 to $80,000 and is available to households with a wide range of incomes. Eligible uses of program funds include downpayment and/or closing costs for the purchase of a single family residence anywhere in Alameda.

This program is being administered by First Home, Inc. For more information, please call First Home directly, at (888) 572-1222 ext. 110. Click here to visit their website.

To view the Down Payment Assistance Program brochure, click here.

Alameda County Mortgage Credit Certificates - The Mortgage Credit Certificate Program (MCC) is a federal program that helps first-time homebuyers to qualify for mortgage loans. MCCs give homebuyers a “dollar for dollar” tax credit against federal income taxes equal to up to fifteen percent (15%) of annual mortgage interest. By effectively reducing monthly mortgage payments, MCCs give homebuyers greater ability to qualify for and support a mortgage loan. Program participants are subject to limits on maximum household income and maximum home purchase price. If the home buyers’ tax liability is lower than their available MCC tax credit, they can carry forward the unused tax credit for three additional years.

The MCC program for the City of Alameda is administered by the Alameda County Housing and Community Development Department. The County has administered the MCC program since 1989, assisting home buyers in traditionally high-cost housing markets throughout Alameda County. Since 1994, 110 households have been assisted through the MCC program in the City of Alameda. From 1999 through 2003, seven Alameda households were assisted through the Alameda County MCC for more information about the MCC program, or to obtain a list of participating lenders, contact the Alameda County Housing and Community Development Department office at (510) 670-5246, or visit their website at www.acgov.org/cda/mcc_program/.

If you haven’t already, go to DPA Groundswell to keep up to date on the fight to preserve Nehemiah, HART and Ameridream.  I received this email on Tuesday night with great news about the fight to save DPAs

Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement

Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.

The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.

According to an Inman News article published today, Chairman Frank is quoted as saying “The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing,” Frank said at Saturday’s hearing. “That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground — and it will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there — it has the approval now of the Secretary of HUD.”

Thanks to the advocates of downpayment