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CalHome Owner-Occupied Rehabilitation Loan Program

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Program Features:

• deferred payment loan secured by a deed of trust
• $10,000 minimum loan
• maximum loan amount - $36,000 on single family dwellings
                                      $25,000 on manufactured (or mobile) homes
• 3% simple interest – principal and interest are deferred for the term of the loan.
• 20 year loan term – single family dwellings
  20 year loan term – manufactured (or mobile) homes
• loan is due upon sale or transfer of property, when the property ceases to be owner-occupied, or upon the CalHome Program loan maturity date
• loan is not assumable; refinancing may be allowed subject to Agency subordination policy
• funds may be used to finance real property improvements that substantially protect or improve the basic livability or utility of the property
• improvements must meet local housing quality standards, code requirements and Agency Rehabilitation Standards.
• no financing, junior or senior to the CalHome loan may have a balloon payment due before the maturity date of the CalHome loan

Eligible Applicants:

Owner occupants of single family homes or manufactured housing in the City of Sacramento or the unincorporated County of Sacramento who:

• meet CalHome underwriting guidelines for credit
• are defined as low-income – households with income less than or equal to eighty percent (80%) of the area median income adjusted for household size. Current income limits are:

Eligible Properties:

Single family homes or manufactured homes in eligible areas of the City of Sacramento and the unincorporated County of Sacramento whose after-rehabilitation value does not exceed the current HUD 203(b) mortgage limit for the area which is currently $362,790.

Eligible Areas:

The redevelopment areas of North Sacramento, Oak Park, Del Paso Heights, Alkali Flat, Army Depot, Franklin Blvd., Stockton Blvd, Florin Road, 65th Street, Mather, McClellan and Walnut Grove.

The following qualified census tracts: 0005.00, 0006.00, 0007.00, 0010.00, 0011.00, 0012.00, 0014.00, 0018.00, 0020.00, 0022.00, 0027.00, 0028.00, 0032.01, 0036.00, 0037.00, 0041.00, 0042.02, 0042.03, 0043.00, 0044.01, 0044.02, 0046.01, 0046.02, 0048.01, 0049.03, 0049.05, 0050.02, 0051.03, 0052.01, 0053.00, 0055.02, 0062.02, 0063.00, 0064.00, 0065.00, 0066.00, 0067.02, 0068.00, 0069.00, 0070.01, 0074.04, 0074.10, 0088.00, 0091.10

The program is not available in Citrus Heights, Elk Grove, Galt, Folsom, Rancho Cordova or Isleton.

Application Procedure:

A written loan application must be submitted to our office to start the application procedure. For additional information or for an application, please call (916) 264-1500.