Updated 2/12/2010- Funds are only going to those on the wait list.
First Time Homebuyers’ Program
The City of Turlock’s First Time Home Buyers Program (FTHB) helps eligible applicants purchase a home with an $80,000.00 down payment loan. These funds are made possible through the HOME program.
*An additional $10,000.00 is available to those who are below 60% of the median income for Stanislaus County. These funds are made possible through the American Dream Downpayment Initiative.
Funding Availability Status:
We currently have a waiting list for funding. Please call (209) 668-5610 to provide the proper information in order to be added to the waiting list. (Updated 8/29/07)
Requirements for the program:
You must meet all of the following requirements to be eligible for this program.
1. You must be below 80% of Stanislaus County’s median income for the number of people in your household. See the following income table.
2. You must contribute a minimum of $3,000.00 to be used toward the purchase of the home. Funds must be available at time of application.
3. You must have good credit with no outstanding collections, judgments, liens or any other negative debt. You must qualify for a new current market rate first mortgage with a lender of your choice that is acceptable to our First Time Homebuyer Program.
4. You must not have owned a home within the last three years and you must occupy the purchased property as your primary residence.
5. The property must not exceed single family mortgage limits.
Repayment of the Loan
No monthly payments are required. Interest for the first five years is 0%. Interest on the $80,000.00 begins to accrue in the 6th year at 5% simple interest for 35 years.
The total amount of the loan plus any accrued interest becomes due and payable when the property is sold, rented, no longer occupied by the primary borrower or 40 years which ever occurs first.
To Apply:
Obtain all the items on the following Document Checklist, and then call our office at (209) 668-5610 to schedule an appointment. Applicants are processed on a first come first serve basis.
To view the City of Turlock’s website,please CLICK HERE
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