Riverside County Economic Developement Agency – EDA / Down Payment Assistance

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PROGRAM SUMMARY

The Economic Development Agency (EDA) has a program called the First Time Home Buyer (FTHB) program which provides down payment and closing cost assistance that will allow qualified families to purchase a home.

What is the First Time Home Buyer Down Payment Assistance Program (FTHB)?
The Riverside County FTHB Program is designed to provide assistance to lower income persons in the purchase of their first home. Assistance may be provided for the downpayment in the purchase of a home. The amount of assistance available depends upon the buyer’s qualifications and the price of the home. In general, a buyer may only receive what they need, up to 20 % of the purchase price of the home.

What is the First Time Home Buyer Closing Cost Assistance Program?
The Riverside County FTHB Program is designed to provide closing cost assistance to lower income persons in the purchase of their first home. Assistance may be provided for the closing costs associated with the purchase of a home. The amount of assistance available depends upon the buyer’s qualifications and the price of the home. In general, a buyer may only receive what they need, up to a maximum of six percent (6%) of the purchase price or $10,000, whichever is greater.

 PROGRAM DETAILS

 Income Restrictions: 

Payments / Recapture: No payments due you sell or refinance to take cash out.  Loan is converted to a grant after 15 years and no repayment is required. 

Eligible Properties:  The FTHB program may be used to purchase any new or resale home that is: (1) permanently fixed to a permanent foundation, (2) has a minimum of two bedrooms, and (3) is currently occupied by the Seller or vacant (tenant occupied homes are not eligible).

Homes with in-ground pools or spas are not eligible. The home must be in sound condition and meet the Housing Quality Standard as determined by EDA. The purchaser must reside in the home as his or her principal residence within sixty (60) days of purchase and the home shall not be used as a business nor as a vacation (second) home.

Eligible Cities / Areas: (1) all unincorporated areas of Riverside County, such as Cabazon, Glen Avon, Jurupa, Highgrove, Mira Loma, Mead Valley, Mecca, Menifee, North Shore, Nuevo, Pedley, Quail Valley, Romoland, Rubidoux, Sun City, Thermal, Thousand Palms, Valle Vista, Wildomar or (2) within the City Limits of the following jurisdictions: Banning, Beaumont, Blythe, Canyon Lake, Cathedral City, Desert Hot Springs, Indio, Lake Elsinore, La Quinta, Murrieta, Norco, Perris, San Jacinto, and Temecula.

Ineligible Cities / Areas: Calimesa, Coachella, Corona, Hemet, Indian Wells, Moreno Valley, Palm Desert, Palm Springs, Rancho Mirage, and the city limits of Riverside

Complete Program Guidelines:  Down Payment Assistance Guidelines - PDF

HOME BUYER COMMENTS:  If you are a home buyer that has experience with any of these programs.  Please post comments for the benefit of other First Time Home Buyers.