Updated 2/9/2010- I just called today, funding is currently available.
DOWN PAYMENT ASSISTANCE PROGRAM
The Program provides first-time homebuyers interested in purchasing their first home in the City with down payment assistance. To be eligible, an applicant’s annual household income must not exceed 120% of median income, have not owned a home in the last three (3) years, and contribute $1,000 towards the purchase.
The EDA will provide up to 20% of the purchase price of the home; these funds can be used towards the down payment and/or pay a portion of the closing costs. The loan is a deferred silent-second with no monthly payments and forgiven if the homeowner resides in the home for a period of forty-five (45) years. However, the loan must be repaid, plus a certain percentage in equity share depending on when the home is sold, tran ferred, refinanced or converted into a rental property.
Contact: Economic Development Agency (909) 663-1044
To view the City of San Bernardino website please, CLICK HERE
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