The Home Access Program offers down payment assistance loans to qualifying low-income homebuyers to purchase a single-family home, townhome, or condominium.
Key Program Details:
- Loan Amount: You can borrow up to 40% of the purchase price, with a maximum loan amount of up to $200,000. This enables you to bridge the gap between your down payment and the total purchase price.
- Loan Structure: It is a 30-year deferred loan. It carries a simple interest rate, which accrues annually. Interest accumulates on the principal loan amount until the entire principal is repaid.
- Borrower Contribution: You are required to contribute a minimum of 3% of the home’s purchase price.
- No Monthly Principal or Interest Payments: It does not require monthly payments. Instead, the repayment of the loan (including the principal and accrued interest) is due at the end of the 30-year term. This allows you the flexibility to manage your finances and consider future options. *If you decide to sell your home before the end of the 30-year term, repayment of the loan (including the principal and accrued interest) becomes due.
Eligible Property Types: Single-family homes, townhomes, or condominiums located in Alameda or Contra Costa County.
Homebuyer Qualifications:
- You are a first-time homebuyer purchasing a primary residence in Alameda or Contra Costa County.
- You must occupy the home as your primary residence for the loan’s term.
- You have obtained lender pre-approval from a program approved lender (prior to application submission).
- You have a minimum down payment of 3% of the home’s purchase price.
- You have completed a HUD-certified 8-Hour Homebuyer Education class through an approved agency.
- Your combined gross household income, including all adult household members, must not exceed 80% of the Area Median Income for the county where the property is located.
The Home Access Program is made possible through funding from the California Department of Housing and Community Development under its CalHome Program.
If you have any questions or wish to learn more, please email homebuyer@housingtrustsv.org, call 408-703-3837 ext. 301, or visit the Housing Trust Silicon Valley's Home Access Program webpage.