Updated 2/9/2010- I just called today, funding is currently available.
Down Payment Assistance Program
Provides deferred, down payment assistance loans of 30% of purchase price of home with a cap of $75,000 for low income, first-time homebuyers for the purchase of newly built or existing homes.
All first time home buyers must be certified as first time home buyers by a HUD approved agency (ie. Visionary Home Builders).
Loan and Grant Program Eligibility Requirements
- Applicants must be owner-occupants of home in need of improvements.
- Homes must be located within the downtown area (see map).
- Programs are available to downtown Tracy residents whose income does not exceed the following limits:
Household Size* Annual Income 1 $53,450 2 $61,050 3 $68,700 4 $76,350 5 $82,450 6 $88,550 7 $94,650 8 $100,750 Previous post: City of Foster City’s First Time Homebuyer Program, Mortgage Credit Certificate Program
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1-877-823-9251
Downpayment Finder
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{ 3 comments… read them below or add one }
Please advise me regarding the Tracy Down payment assistant program.
Please advise me regarding the Tracy down payment assistance program.
Hi Tiffany,
We last checked in March and funds were available for the program. Each city/county has their own specific qualifying and application requirements. Have you tried to call the Community Development Agency?
As a first time homebuyer in California, I would also recommend you look into using an FHA loan for your first mortgage loan along with a CalHFA CHDAP (search on this site) down payment and closing cost assistance program. This is a great opportunity for first time homebuyers.
Either way, the very first step is to find a lender and get approved for your purchase loan. Once you are approved for the purchase, then you can begin to research available assistance programs.
If you have more questions, please feel free to call at 866-667-6724