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The CalHome First-Time Homebuyer Mortgage Assistance Program is designed to
provide financial help to low-income homebuyers by reducing the amount of
the first mortgage loan and helping to pay non-recurring closing costs on
home purchases in eligible areas of the City and the unincorporated County
of Sacramento.
Program Features:
- deferred payment loan secured by a deed of trust
- assistance is calculated at 20 percent of the purchase price to a
maximum of $36,000
- “Limited” CalHome assistance – when used in conjunction with special
sales programs, the assistance is limited to 10 percent of the purchase
price to a maximum of $20,000
- 3% simple interest – principal and interest are deferred for the term
of the loan
- 30 year loan term (equal to the term of the first mortgage)
- loan is due upon sale or transfer of property, when the property
ceases to be owner-occupied, or upon the loan maturity date – the loan is
not assumable; refinancing may be allowed subject to Agency subordination
policy
- funds may be used to reduce the amount of the first mortgage and to
pay non-recurring closing costs
- first mortgage must be a 30 year loan and may be a fixed rate or an
adjustable rate mortgage; however, the first mortgage loan shall not
include provisions for negative amortization, principal increases, balloon
payments, or deferred interest
- first mortgage may be FHA, conventional, or CalHFA financing.
- first mortgage must have an impound account for the payment of taxes,
assessments and hazard insurance for the entire 30-year term.
Eligible Applicants:
Homebuyers who:
| 1-person |
$40,950 |
| 2-person |
$46,800 |
| 3-person |
$52,650 |
| 4-person |
$58,500 |
| 5-person |
$63,200 |
| 6-person |
$67,900 |
Eligible Properties:
Single family homes in eligible
areas of the City and unincorporated County of Sacramento whose sales price
does not exceed the HUD 203(b) mortgage limit for the area which is
currently $580,000. Eligible areas are defined as “qualified census tracts”
and/or redevelopment areas in the City of Sacramento.
Qualified Census Tracts - City of Sacramento:
The “qualified census tracts” are: 0005.00, 0006.00, 0007.00, 0010.00,
0011.00, 0012.00, 0018.00, 0020.00, 0021.00, 0022.00, 0027.00, 0028.00,
0032.01, 0036.00, 0037.00, 0041.00, 0042.02, 0042.03, 0043.00, 0044.01,
0044.02, 0045.00, 0048.01, 0049.03, 0049.05, 0052.01, 0053.00, 0055.02,
0062.02, 0063.00, 0064.00, 0065.00, 0066.00, 0067.02, 0068.00, 0069.00,
0070.01
Redevelopment Areas – City of Sacramento:
Alkaki Flat, Army Depot, Del Paso Heights, Franklin Blvd., North
Sacramento, Oak Park, Stockton Blvd., and 65th Street, and Walnut Grove
Redevelopment Areas.
Unincorporated areas of the County only:
The program is not available in Citrus Heights, Elk Grove, Galt, Folsom,
Rancho Cordova or Isleton.
Application Procedure:
To apply for the program, please
contact any of the lenders on the SHRA Approved Lender List. For additional
information please call (916) 440-1393. |