Updated 7/2/2010
The City of Ceres is offering a Down Payment Assistance Program (DAP) for First-Time Home Buyers (FTHB). First Time Home Buyers are individuals that make less than the 80% Median Area Income (MAI) and have not owned a home in the past three years. Refer to the attached FAQ for a list of income limits according to household size. The maximum allowable assistance is 20% of the sales price of the home or $80,000, whichever is less. The Loan will be deferred for the period of 45 years with a simple annual interest rate of 3%.
City of Ceres First-Time Homebuyer Program
Frequently Asked Questions June 2010Q: What is the maximum assistance amount that the city will provide?A: The maximum amount of assistance is 20% of the sale price of the house or 80,000, whichever isleast.Q: Am I required to be a resident of Ceres to apply?A: No. The City of Ceres does not require you to be a Ceres resident at the time you apply.Q: Do I have to be a first-time homebuyer?A: Yes. You are considered a first-time homebuyer as long as you have not owned a home for the last3 years, with limited exceptions.Q: What are the income limits of the program?A: Income limits are based on household size. The current maximum income limits are:1 person- $33,3502 people- $38,1003 people- $42,8504 people- $47,6005 people- $51,4506 people- $55,2507 people- $59,0508 people- $62,850Q: How is income determined?A: Annual income is determined by projecting the rate of the household over a 12 month period, usingthe most recent pay stubs, income Tax returns, W-2 and 1099 forms of all adults in the household.Q: Is there a limit on the sales price of a home?A: Yes. The maximum sales price of the home is currently $362,790.Q: What will my interest rate be?A: The interest rate of the City’s loan will be 3% simple interest rate and it will have a 45-year term.Q: What will my monthly payment be?A: The City’s loan will be deferred (silent second), meaning that you will not have to make monthlypayments. You will be required to repay the full amount of the loan if you sell the home, refinance your loan, if you no longer use the home as a primary residence or when the loan matures (45 years).vJun2010
To Apply
Download this PDF with complete First Time Home Buyer Guidelines
Contact information for program:
Laura Stevens
Redevelopment and Housing Coordinator Redevelopment Agency
2720 Second Street Ceres, CA 95307
Direct: (209) 538-5776
Fax: (209) 538-5650
laura.stevens@ci.ceres.ca.us
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I am the Housing Coordinator for the First Time Home Buyer’s Assistance Program for the City of Ceres and I wanted to let you know your information posted on this website is incorrect. The loan amount is incorrect as well as other qualifying information posted here. For updated information please go to the home page on for the City of Ceres and Click on the picture ICON of the house to download the PDF document for up to date information regarding this program.
thank you for posting!
Laura Stevens
Redevelopment and Housing Coordinator
City of Ceres
209-538-5776
Laura,
Thank you so much for helping to keep this information up to date and accurate! The changes have been made. If you have any other information you think should be included, let me know.
Scott
714-336-8286