Other Homebuyer Assistance Programs City of Santa Clara Below Market Purchase (BMP) program Homebuyer Empowerment Loan Program (HELP) Assists first-time homebuyers with incomes slightly higher than Empower Homebuyers and other down payment assistance programs by allowing them to borrow up to 10% of a home’s purchase price. You will share your appreciation in equal proportion to the Contact Us. or email For more information contact us at: 408-703-3837 ext. Your Government » Departments & Offices » Housing » Homebuyers & Homeowners. homebuyer@housingtrustsv.org. I agree to receive information via email regarding Housing Trust's first-time homebuyer programs, upcoming events, and workshops. For instance, if you buy a house for $600,000 and San Jose purchases 76-unit motel for permanent supportive housing San José CDBG Grant Program for Small Businesses San Jose breaks ground on emergency housing for homeless Housing Trust Silicon Valley - The Housing Trust Silicon Valley offers down payment assistance programs for low- and moderate-income first-time homebuyers. Once approved, meet with Housing Trust for 1 on 1 counseling session, The gross household income, including all adult household members, must not exceed 140% of the Area Median Income, California Department of Housing and Community Development, 140% of Area Median Income (updated as of April 30, 2020). When greater Bay Area workers cannot secure homeownership, we all lose out – on diversity, a skilled, dynamic workforce, and community. We will be available to communicate with you via phone and email… read more here, Housing Trust staff will contact you within 3 business days to begin pre-qualification, All borrowers (including non-borrowing spouses) must attend a HUD-certified Homebuyer Education through an in-person or online class from a designated agency, Housing Trust works with all approved lenders, With lender pre-approval, complete a Program Eligibility Application and contact Housing Trust staff for an appointment. This field is for validation purposes and should be left unchanged. your home over time is yours. or you refinance your mortgage, you repay the original amount of your loan plus Download Housing Trust’s Steps to Homeownership guide. California Housing Finance Agency - CalHFA provides financing and programs that create affordable housing opportunities for low- and moderate-income Californians. Petitions, Exemption Requests & Related Forms, Draft Diridon Affordable Housing Implementation Plan, Inclusionary Housing in Redevelopment Areas, Housing & Community Development Commission, AB 987 RDA Funded Affordable Housing Listing, Analysis of Impediment to Fair Housing Choice, Consolidated Annual Performance Evaluation, Community Development Block Grant - Recovery, HUD Affirmatively Furthering Fair Housing. HELP assists first time homebuyers with incomes slightly higher than Empower Homebuyers SCC and other down payment assistance programs by allowing a middle-income first-time homebuyers to borrow up to 10% of a home’s purchase price – which means an additional 10% from a first-time homebuyer would reach a down payment of 20%. Learn More. Empower Homebuyers is a loan for first-time homebuyers to helpthem with the down payment. Instead, when the loan matures, you decide to sell No matter the amount borrowed, there are no monthly payments orinterest with a HELP loan. interest with a HELP loan. The loan can be for up to 17% of a home’s purchaseprice – which means an additional 3% from a first-time homebuyer would reach adown payment of 20%. Housing Trust Silicon Valley does not discriminate against any persons on the grounds of race, color, religion, national origin, ancestry, sex, gender, gender identity, gender expression, sexual orientation, marital status, familial status, source of income, genetic information, medical condition, physical disability or mental disability, or any other category protected by law. In San Jose for example, a 20% down payment for a median home is almost always more than enough money to purchase a home outright in many parts of the country. California Finance Lender License # 6053356 and NMLS License # 287840. Phone: (408) 535-3860. Privacy Policy. With housing costs so high, many of our friends, families, colleagues, and neighbors in the greater Bay Area cannot afford to purchase a home in the Bay Area, because securing a down payment is out of reach. Homebuyer Empowerment Loan Program is here to help! will share 10% of the appreciation and the rest of the equity that builds up on a share of the appreciation of your home. This means if your loan was 10% of the purchase price, you Site by Mission Minded. Once your purchase sales agreement has been ratified, work with your lender to submit a Purchase Loan Application. purchase price. Copyright 2020 by Housing Trust Silicon Valley. Out of an abundance of caution, Housing Trust Silicon Valley will not be taking in-person meetings at this time. After you receive your program eligibility approval letter. principal loan amount to the original purchase price of the home, Maximum loan amount: Up to 10% of the amount you borrowed. No matter the amount borrowed, there are no monthly payments orinterest with an Empower Homebuyers loan. 230 No matter the amount borrowed, there are no monthly payments or use HELP to borrow 10% ($60,000) for the down payment, and the home is later $200,000 appreciation). City of Santa Clara Below Market Purchase Program, Homebuyer Empowerment Loan Program (HELP), HELP Program Guidelines, Policies & Procedures and Sample Documents, Housing Trust General Underwriting guidelines, You are a first-time homebuyer buying a primary residence in Santa Clara County or the cities of Menlo Park or East Palo Alto, You have pre-approval from an approved lender (done prior to submitting application), You have completed a HUD-certified 8 Hour Homebuyer Education class through the designated agency, You can put down a minimum of 3% of a home’s purchase price, Your first mortgage must be 30-year fixed, Shared Housing Department 200 E. Santa Clara St. San José, CA 95113. Hours Monday - Friday 8:00 a.m. - 5:00 p.m. Appreciation: Percentage Share of Appreciation based on percentage of original HELP HELP assists first time homebuyers with incomes slightly higher than Empower Homebuyers SCC and other down payment assistance programs by allowing a middle-income first-time homebuyers to borrow up to 10% of a home’s purchase price – which means an additional 10% from a first-time homebuyer would reach a down payment of 20%. The following organizations offer assistance to low- and moderate-income homebuyers: Please enable JavaScript in your browser for a better user experience. Following guidance by the County of Santa Clara Public Health Department, we are doing our part to help slow the spread of COVID-19 by minimizing close contact with people. sold for $800,000, you would owe $80,000 – $60,000 plus $20,000 (10% of the Instead, when the loan matures, you decide to sellor you refinance your mor… Instead, when the loan matures, youdecide to sell or you refinance your mortgage, you repay the original amount ofyour loan plus a share of the appre… Project Sentinel - Project Sentinel provides services to help people resolve … Affordable Housing opportunities for low- and moderate-income first-time homebuyers california Finance lender License # 287840 the borrowed. Moderate-Income homebuyers: Please enable JavaScript in your browser for a better user experience with a HELP loan better experience! Finance lender License # 287840 your browser for a better user experience Empower homebuyers loan Finance lender License #.... 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Clara St. San José, CA 95113 # city of san jose first-time homebuyer program offers down payment assistance programs for low- and moderate-income Californians:! No monthly payments or interest with a HELP loan work with your lender to submit a purchase loan.!
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