Updated 2/9/2010- I just called today, funds are currently available.
FIRST TIME HOME BUYER ASSISTANCE PROGRAM – DOWN PAYMENT ASSISTANCE
The City of Sunnyvale has recently approved a program to provide Down Payment Assistance Loans and Individual Development Accounts (IDAs) to assist applicants for Below Market Rate Home Ownership.
DOWN PAYMENT ASSISTANCE LOANS
Terms, Eligibility and Criteria
- A loan of up to $50,000.
- A three percent (3%) simple interest.
- Payment is deferred during the first five years and then reviewed every five years to determine borrower’s capacity to repay the loan. The loan may be deferred up to a maximum of 30 years.
- Borrower must not have owned a primary residence during the last three years in the following county regions – Alameda, Contra Costa, Marin, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano and Sonoma.
- The home must be located in Sunnyvale and must be owner-occupied.
- There is no maximum purchase price but rather the purchase price is determined by what the borrower is able to afford.
- Borrower’s income must be at or below 80% of area median income.
- Borrower must provide 3% of the down payment plus closing costs needed to purchase the home.
To view the City of Sunnyvale’s website,please CLICK HERE
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