First-Time Homebuyer Program
Effective September 1, 2012, the Agency is not accepting applications under the First-Time Homebuyer Program (FTHB). Please refer to the Agency CalHome First-Time Homebuyer Mortgage Assistance Program.
CalHome First-Time Homebuyer Mortgage Assistance Program
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 through down payment and mortgage assistance on home purchases in eligible areas of the City and County of Sacramento. City funding is depleted as of April 8, 2016.
- deferred payment loan secured by a deed of trust
- assistance is calculated at 20 percent of the purchase price to a maximum of $40,000
- Minimum loan amount is $10,000
- 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 for down payment and mortgage assistance
- first mortgage must be a 30 year fixed rate loan and 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.
- meet CalHome underwriting guidelines for credit
- will have a monthly housing debt ratio of not less than 28% and not more than 38%
- are first-time homebuyers (have not owned a home within the preceding three years, or meet the definition of a displaced homemaker or a single parent)
- are able to qualify for a loan to purchase the home
- attend homebuyer education classes
- will live in the home being purchased
- 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. Income also includes income from assets over $5,000 calculated at 2% of the value of the asset. Current income limits are:
Single family homes in eligible areas of the City and County of Sacramento whose sales price does not exceed the current median sales price of a single family home in Sacramento County. The maximum purchase price is currently $280,000. Eligible areas are defined as “qualified census tracts” in the City and County of Sacramento.
Unincorporated areas of the County only:
The program is not available in Citrus Heights, Elk Grove, Galt, Folsom, Rancho Cordova or Isleton.
Qualified Census Tracts - City:
The “qualified census tracts” are: 0005.00, 0006.00, 0007.00, 0011.01, 0018.00, 0020.00, 0022.00, 0027.00, 0028.00, 0032.02, 0032.03, 0032.04, 0037.00, 0041.00, 0042.02, 0042.03, 0043.00, 0044.01, 0044.02, 0045.01, 0045.02, 0046.01, 0048.01, 0048.02, 0049.03, 0049.05, 0050.02, 0052.01, 0052.05, 0053.01, 0055.02, 0055.05, 0062.02, 0063.00, 0064.00, 0065.00, 0066.00, 0067.02, 0068.00, 0070.01, 0070.19, 0074.13, 0092.01, 0096.06, 0096.33
Qualified Census Tracts - County:
The "qualified census tracts" are: 0044.01, 0044.02, 0045.01, 0045.02, 0046.01, 0046.02, 0047.01, 0048.01, 0048.02, 0050.02, 0052.05, 0055.02, 0055.05, 0055.06, 0055.09, 0056.01, 0056.05, 0061.01, 0062.01, 0062.02, 0070.19, 0073.01, 0074.13, 0074.14, 0074.23, 0074.24, 0081.33, 0091.05, 0091.10, 0092.01
Qualified Census Tract Map
To apply for the program, please contact any of our approved lenders. For additional information please call (916) 440-1393.
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Weekly Funding Update
SHRA provides a weekly update on available funding for its homebuyer programs. The information may be helpful to the public, lenders and their clients who want to know what programs currently have funding and how many homebuyers SHRA may be able to assist in purchasing a home.
Weekly Funding Update (PDF)