The Housing Trust of Santa Clara County offers two programs designed to help qualified first-time homebuyers in our community.
DOWNPAYMENT ASSISTANCE PROGRAM
WHO IT HELPS: First-time homebuyers earning between 60% – 100% AMI who have not owned a home in Santa Clara County in the last 3 years. Other qualifications may apply.
HOW IT HELPS: The Housing Trust has established a fund at Neighborhood Housing Services Silicon Valley to provide fixed, below-market rate secondary financing that may be used as a down-payment for first-time homebuyers. Qualified first-time homebuyers may borrow up to $15,000 from the Housing Trust of Santa Clara County when they finance their home through NHSSV. The loan, compatible with Fannie Mae and CalHFA requirements, will be interest bearing and will be deferred for the first 60 months. Payments will begin on the 61st month and will amortize over the remaining 25 years of the loan.
To see if you qualify for assistance from this program, click here.
MORTGAGE ASSISTANCE PROGRAM
WHO IT HELPS: First-time homebuyers earning between 100% – 120% AMI who have not owned a home in Santa Clara County in the last 3 years and who meet certain other qualifications.
HOW IT HELPS: Working with Meriwest Mortgage, a wholly owned subsidiary of the not-for-profit Meriwest Credit Union, your Housing Trust has created an entirely new loan package that helps qualified moderate-income families buy their first home in Santa Clara County. In conjunction with a Meriwest Mortgage first home loan, the Housing Trust offers a below-market rate second loan that will be used to reduce the first loan’s interest rate and prepay the private mortgage insurance. Meriwest Mortgage will supply a new first mortgage up to 97% Loan to Value. The loan products that will be available for this special program are: a 30 year fixed rate, a 5/1 adjustable rate mortgage (ARM) 30 year loan fully amortizing, and 5/1 ARM adjustable 40 year loan fully amortizing. In combination, these loans will help reduce the monthly payment to the homeowner.
To see if you qualify for assistance from this program, click here.
CLOSING COST ASSISTANCE PROGRAM
WHO IT HELPS: First-time homebuyers earning up to 120% AMI who have not owned a home in Santa Clara County in the within one year of the date of the application and who meet certain other qualifications. Loans pertain to eligible first-time homebuyers purchasing a home in Sunnyvale or Morgan Hill.
HOW IT HELPS: The highly successful and original Housing Trust First-time Homebuyer assistance program has helped more than two thousand families. This program is now being discontinued in all cities of Santa Clara County except for the city of Morgan Hill, and in specific developments that utilize the Sunnyvale Below Market Rate (BMR) Program. The Closing Cost Assistance Program may be used for closing costs and/or other assistance allowed by the your primary lender. The maximum loan amount is $6,500 has limited funds in these two municipalities. Once the funds expire, the program will be completely discontinued.
To see if you qualify for assistance from this program click here.
What is Area Median Income (AMI)?
The median income is the amount which divides the income distribution into two equal groups, half having income above that amount and half having income below that amount. Set by the federal government for each region, the AMI helps lenders and program developers like the Housing Trust work with specific income levels by percentage.
To view the Housing Trust of Santa Clara County’s website,please CLICK HERE
Related posts:
