If you missed our Home Buyer Seminar, and would like to find out about the first-time homebuyer assistance programs throughout the state of California or the CalHFA program, call us at (408)838-3721. Our next FREE Home Buyer Seminar date, time, and location is to be determined. Space is limited, so call us or email us at christina@webcover.com to reserve you seat.
First-time Buyers
Please contact us if you are a first time buyer living in the state of California. If your family annual salary is less than $136,510, we can help you buy your first home with no money down with a 30-years or 40 years fixed interest with a rate at a 0.75% below market rate. We will help you apply for government assistance programs for your closing costs, and/or your down payments. We have an extensive list of many government assistant programs for First-time Buyers. These programs are very helpful for engineers, technician, new college graduates, and teachers.
If you re-locate to the Silicon Valley area and own your home in another state, you're qualified as a First-time Buyer. With these First-time Buyer programs, you may be eligible for city and/or county down payment assistants, closing costs, and below market rate interests in some cases.
The Housing Trust of Santa Clara has been taking application for closing cost/down payment assistance. The maximum loan amount is $6,500 with 0% interest rate, and you don't have to pay back the loan until you either sale the house, refinance, or pay off your first mortgage. We are an approved broker of the Housing Trust of Santa Clara. Therefore, we can help you apply for this closing cost assistance program. For more information, you can visit the housing trust web site.
The California Housing Finance agency has below market interest rates for first-time buyers. It also has assistance programs for down payment and/or closing cost. We are certified by CalHFA to work with a CalHFA approved lenders. We can pre-qualify and brokerage your CalHFA loan. You can find out more information about these programs at the California Housing Finance Agency or you can contact christina@webcover.com.
Mortgage Credit Certificate Program (MCC) is another government program helping first-time home buyers. It gives first-time home buyers a certain percentage of the federal income tax credit. For example, in Santa Clara county the tax credit is 15%. For more information on this program, you can visit the Office of Affordable Housing.
Current interest rate for first-time home buyers
CaLHFA Program:
- 6.625% for 30 years fixed rate
- 6.75% for 40 years fixed rate
- 6.75% for 35 years fixed rate with first 5 years you pay interest only, and the next 30 years you pay both principle and interest.
The above rates are for hi-cost area only. The apr for the above rates are 6.8747%, 7.0559%, and 7.1616% respectively.
Acorn Program:
The Acorn program is another first-time home buyer program. The maximum loan amount is $500,000. The interest rate is about 0.75% below market interest rate. Currently, the note rate is about 6.75% for a 30 years fixed, and 7.375% for a 10 years fixed interest only.
Here are some of the down payment assistance programs from the city level
The city of Campbell has a $25,000 first-time down payment assistance program. If you meet their income limit and have not own a property within Santa Clara county in the last 3 years, you are mostly eligible for this program. The other requirement is that you have to buy a house in the city of Campbell. Here is the link to their programs at city of Campbell.
The city of Pleasanton has HELP program, that provides $60,000 to low income families and $40,000 to moderate income families. To find out more about this program, you can go to city of Pleasanton.
The city of Tracy provides $50,000 loan to low income first-time home buyer for down payment toward purchasing a house in the down town area. Go to the city of Tracy web site for more information.
City of Stockton has $60,000 down payment and closing cost program. A few of their requirements are you have to live in the city of Stockton for at least 12 months and you have to meet their income limits. You can go to the City of Stockton web page to find more about this program.
City of San Jose has several first-time homebuyer assistance programs. The amount of fund is ranging from $20,000 to $80,000. If you are willing to buy in some of the selected new developments, you can apply for more down payment assistance.
If you have lived in the city of Fremont or working in Fremont, you may be eligible for $40,000 down payment assistance for the city of Fremont.
Union City has an $80,000 down payment assistance program for first-time home buyers. This is a deferred loan for 5 years.
San Leandro city provides up to $30,000 down payment assistance or closing cost to first-time home buyer. This is a 20-year deferred payment loan with 0% interest for the first 5 years. The interest rate is 3% starting from the 6th year. Here is the city of San Leandro web page.
The city of Livermore also has down payment assistance program for first-time home buyers. It's either a $40,000 or $60,000 loan depending on your household size and income limit. Here is the link to the city of Livermore.
The city of Hayward has a $20,000 down payment/closing cost assistance program. This is not a silence 2nd loan, and you have to meet the city's income limit. You must have at least 3% down, or 1% down if use CalHFA loan.
The city of Alameda has $35,000 to $50,000 down payment/closing cost assistance program. Here is their web page.
City of Oakland also has down payment assistance program up to $75,000.
City of Walnut Creek has down payment assistance program in the amount of 17% of the purchase price up to $65,000 maximum.
If you live in Santa Clara county, you may eligible for the SCC10K or/and SCC40k programs. The SCC10k and SCC40k programs are 30 years loan with 2% interest for 4 years, and 0% interest for years 5 to 30. If you live in the city of San Jose, you're not eligible for these programs. Here is the link.
There are restrictions in these First-time Buyer Programs, please call me at (408) 838-3721 for more information about these programs.
MCC Program
Here is the link to the Alameda county MCC program .
The MCC program for Santa Clara provides financial assistance to first time home buyer through tax credit up to 15%. For more information, go to The Office of Affordable Housing.
Teacher Homebuyer Programs
Provides down payment assistance to low and moderate income San Jose K-12 public school teachers. The current amount is up to $65,00 or $40,00 depending your income. Here is the web site for teachers in San Jose.
Teachers in low-performing school districts may also eligible for either the California Extra Credit Teacher program or the Extra Credit Teacher Mortgage Credit Certificate Program (MCC). For more information on these programs, please visit the California Housing Finance Agency or http://oah.sccgov.org.
VA Loan
A qualified Veterans or Active Duty military can purchase a home up to $417,000 or $625,000 in the high cost area. High cost areas are Alaska and Hawaii. California and other states have maximum loan limit of $417,000. The advantage of VA loan is no down payment required. Also, VA loan is not only a first-time buyer's loan; it's a home purchase loan. You can refinance your VA loan. You can refinance to get a lower interest rate, or you can refinance to cash-out. http://www.homeloans.va.gov/ has extensive information about VA loan. In order to determent the amount of loan you can qualify, you need to get a Certificate of Eligibility (COE) from the VA. To get the COE, you have to fill out VA form 26-1880. Here is the link to the form VA 26-1880. In California, you can also use CalVet for your home purchase. Here is the link to Calvet. If you consider to use VA loan for your home purchase, call me at (408) 838-3721 . You can also find more information at this web site http://www.valoans.com/default.cfm.
