The Target Area Homebuyer Program (TAHB) is designed to provide
low-to-moderate income homebuyers with down payment and closing cost
assistance on home purchases within the following target areas:
Program Features:
- buyers do not need to be first-time homebuyers
- assistance is calculated at five percent (5%) of the lesser of the
sales price or appraised value of the property – maximum assistance
is $5,000
- maximum CLTV ratio (combined loan-to-value ratio) is 105%
- deferred payment promissory note in favor of the Agency at five
percent (5%) per annum, simple interest
- thirty (30) year term, or due upon sale, transfer or refinance of
the property
- forty-five (45) year regulatory agreement with resale affordability
restrictions
- funds may be used to pay a portion of the buyer’s down payment and
customary closing costs
- minimum cash contribution from the homebuyer is $500
Eligible Applicants:
Homebuyers who:
- are able to qualify for a loan to purchase the home
- attend homebuyer training classes
- will live in the home being purchased
- are defined as low-to-moderate income – households with income
less than or equal to one hundred ten percent (110%) of the area
median income adjusted for household size. Current income limits are:
| 1-person
$54,670 |
| 2-person
$62,480 |
| 3-person
$70,290 |
| 4-person
$78,100 |
| 5-person
$84,370 |
| 6-person
$90,640 |
Eligible Properties:
Single family homes that are located within the program designated
target areas.
- property must meet minimum housing quality standards
- sales price of the property may not exceed the Affordable Housing
Cost for the area which is currently based upon Moderate Income:
| 2 Bedroom |
$238,148 |
|
3 Bedroom
|
$261,761 |
| 4 Bedroom |
$279,802 |
- properties that are tenant-occupied at the time of sale are not
eligible
Application Procedure:
To apply for the program, please contact any of our
approved lenders. For additional information or to obtain a participating
lender list please call (916) 264-1500. |
