First Time Homebuyer Program provides assistance to first-time homebuyers by offering loans up to $40,000 to qualified low-income homebuyers and up to $30,000 to moderate-income homebuyers (see INCOME LIMITS below). The funds may be used for:
- Down Payment Assistance; and/or
- Closing Cost Assistance
Program eligibility requires that you:
- Have not have owned a home, condominium or townhome within the last three (3) years;
- Have a minimum credit score of 620
- Must not earn more than 80% or 120% of Area Median Income (AMI) adjusted by household size, as shown below:
| Alameda County Low and Moderate Income Limits - 2010 |
| Household Size |
1 |
2 |
3 |
4 |
5 |
6 |
| Low Income Limits |
$45,100 |
$51,550 |
$58,000 |
$64,400 |
$69,600 |
$74,750 |
| Moderate Income Limits |
$75,900 |
$86,700 |
$97,500 |
$108,400 |
$117,000 |
$125,700 |
Source: California Housing and Community Development Department - Alameda County Income Limits for 2010.
The FHP assistance is a 30-year loan. Full amortization starts on year six with a 3.5% interest rate. No principal and interest accrue during the first five years. The loan is secured by a second deed of trust. City will subordinate its loan to a new first mortgage, if borrower is not taking money out when refinancing. The City of Hayward is an Equal Opportunity Lender.
Details about eligibility, home buying and loan process, and participating lenders are described in the First-Time Homebuyer Assistance Program brochure.
Para más información acerca del Programa de Asistencia en la Compra de Casa por Primera Vez por favor oprima aquí: Programa de Asistencia en la Compra de Casa por Primera Vez
To get started, reserve a space in a First-Time Homebuyer Seminars.
List of City-approved Seminars
For general program inquiries or to reserve a place in a workshop, please contact Bay Area Homebuyer Agency/First Home, Inc. at:
info@myhomegateway.com
(888) 572 – 1222 x 110, or
JoAnne D’Agostino at (510) 583-4244
For inquiries from Real Estate/Mortgage Lenders and Brokers only, please contact:
DPA@myhomegateway.com, or
(888) 572 – 1222 x 107
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