Homeownership Assistance Program
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Yuba County is pleased to introduce you to
their
Homeownership
Assistance Program. The County of Yuba is
committed to making the owning of a home an affordable,
reachable reality for low-to moderate-income homebuyers.
To learn if you qualify for one of our innovative programs,
please review the eligibility criteria below and then contact a
mortgage lender.
*Please take a moment to print and fill out the Interest
Form*
Program Details
The Community Development & Services Agency, (CDSA) has designed
a program to provide 3% interest second mortgages to income
eligible households to assist with the purchase of a home. |
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- Maximum Loan $60,000 After obtaining the maximum first
mortgage your income will support, the Agency will provide
up to $60,000 to help bridge the gap between the amount of
your first loan and the purchase price of the home.
The Agency loan is secured by a second Deed of Trust on the
property.
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- Interest Rate -- The primary loan must have a fixed
interest rate that does not exceed the current market rate.
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LOAN TYPE AND TERM
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The primary loan shall be fully amortized and have a term "all
due and payable" in no fewer than 30 years. There shall
not be a balloon payment due before the maturity date of the
Program loan. |
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- All Program participants are required to attend a
Sponsor-approved homebuyer education class. The
homebuyer education class will cover such topics as the
following: preparing for homeownership; available
financing; credit analysis; loan closing; homeownership
responsibilities; home maintenance; impact of refinancing
and loan servicing. Methods of homebuyer counseling
and education may include, but are not limited to:
one-on-one counseling between homebuyer, counselor and
family/individual and/or group workshops and informational
sessions. Tools of instruction may include fliers,
brochures, power point presentations, worksheets, etc.
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Eligibility Criteria
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- First Time Home Buyer: You cannot have held
ownership interest in a home in the last three years.
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- Owner Occupied: The home must be your principal
place of residence and cannot be leased or rented during the
term of the Agency loan.
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Eligible households must document that
they have the funds necessary for down payment and closing
costs as required by the Primary Lender and the Sponsor.
The Program's down payment requirement (below) is in place
even if the Primary Lender has a lower down payment
requirement, there is no additional down payment requirement
required by the Program.
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- Homebuyer must contribute a minimum down payment of one
percent (3%) of the purchase price, but may contribute more
if desired.
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- Maximum Income: The household maximum qualifying
incomes are revised annually and are as follows:
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| NEW LIMITS POSTED -
MARCH 2013 |
MAXIMUM ANNUAL GROSS INCOME
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Household Size |
Annual Gross Income |
| 1 |
$32,100 |
| 2 |
$36,700 |
| 3 |
$41,300 |
| 4 |
$45,850 |
| 5 |
$49,500 |
| 6 |
$53,200 |
| 7 |
$56,900 |
| 8 |
$60,550 |
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Frequently Asked Questions
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To apply for one of the programs you need to contact a
participating lender and request an application for
a first mortgage loan. The lender will determine your
eligibility for the Yuba County First Time Home Buyer
Program.
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- Do I find a home before I apply for a loan?
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| It is best to get pre-qualified by a lender
before you look for a home. Having loan approval will save
you time by allowing you to look for homes that you know you are
qualified to purchase. |
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- How long does it take to get qualified for a loan?
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| The process takes from 7 to 30 days depending
on the amount of documentation the lender needs to verify income
and debts of the borrower. |
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- Do I qualify for the program if I have bad credit?
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| If you pass the credit standards of the first
mortgage lender you will qualify for the Yuba County
programs. |
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- Is the County of Yuba program a grant or a loan?
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| Our programs are loans not grants. You
do not make a monthly payment but you will have to pay us back
when you transfer ownership, refinance the loan, or no longer
use the home as your principal residence. |
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- What if I stay in the home until my first mortgage is
paid - up to 30 years?
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| Our loan will be due when you pay off your
first mortgage. |
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- Do you have a list of homes that are for sale?
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| We do not keep listings of homes for sale
through our office. Most of the homes purchased through
our program are for sale through the existing owner or through a
realtor. You can contact a local Real Estate Agent to
obtain a current listing of properties in your price range. |
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- Where do I sign up for the Homebuyer education class?
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| Contact California Rural Legal Assistance,
(530) 742-5191 or Neighbor Works, (916) 452-5356. |
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- Will a condominium or townhouse qualify for
the program?
Yes, condominiums and townhouses do qualify for the program.
In the real estate market today they are the "starter home" of
choice for many home buyers because they are generally smaller
and less expensive than conventional single family houses.
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Participating
Lender(s):
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| American Pacific Mortgage |
Phone: 530-743-9800
Attn: Rosemary Avila
Cell: 916-508-4406
www.ozhomeloansonline.com |
| Evergreen
Home Loans |
Phone: 530-822-0600
Attn: Lori Heikens
Cell: 530-682-1356
lheikens@evergreenhomeloans.com |
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To receive more information about the CDBG
Program or other programs offered by the County of Yuba please
contact:
Yuba County Housing & Community Services Division
915 8th Street, Suite 130
Marysville, CA 95901
Phone: (530) 749-5460 or send us an email at
HCS@co.yuba.ca.us |
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