Home Access Program – Homebuyer Readiness Self-Assessment

Home Access Program – Homebuyer Readiness Self-Assessment

Thank you for your interest in Housing Trust Silicon Valley’s Home Access Program.

This self-assessment helps you determine if you are prepared to move forward with this program.

  • I am completing this self-assessment to help me determine whether my household may meet the basic program eligibility requirements.
  • I understand that this self-assessment is not an application, does not place me on a waitlist, and does not guarantee funding or approval.
  • I understand that program eligibility is based on full documentation review, underwriting, property eligibility, available program funds, and compliance with program guidelines.
  • I understand that Housing Trust Silicon Valley may modify program requirements, income limits, or funding availability at any time.
You may now proceed to the Homebuyer Readiness Self-Assessment.

1.  First-Time Homebuyer Status
A first-time homebuyer is defined as someone who has NOT owned a home, or had an ownership interest in a residential property, or co-signed a home mortgage within the past three (3) years, and does NOT currently own a home, or have an ownership interest in a residential property, or have an active co-signed home mortgage.

Equal Housing Opportunity 


2.  Household Income Eligibility 

A household includes ALL individuals living under the same roof.

Program Income Limits by Household Size: 

  • Household of 1 person – $95,050
  • Household of 2 people – $108,600
  • Household of 3 people – $122,200
  • Household of 4 people – $135,750
  • Household of 5 people – $146,650
  • Household of 6 people – $157,500

Equal Housing Opportunity 


3.  Purchase Readiness (Savings)

To apply for the Home Access Program, you and your household need to be financially prepared for a home purchase. This means having enough saved for the home you would like to purchase:

At the time of application submission, you must have:

  • Down payment and closing costs of at least 5% of the home’s purchase price 
  • One month of your projected mortgage payment as a reserve. This reserve should include 1 month of mortgage payment, property tax, hazard insurance, and homeowners’ association dues (if applicable).

As strictly an example, the
following illustrates how to estimate the amount of savings needed to purchase a home.

EXAMPLE:   

 

For a $400,000 home purchase, you would need:

  • $12,000
    for the down payment (3% of the purchase price); and 
  • $8,000 for estimated closing costs (2% of the purchase price)
  • $2,500 estimated 1 month of mortgage payment, property tax, hazard insurance and HOA dues

This results in a total estimated savings requirement of $22,500, consisting of 5% of $400,000 purchase price, plus one month of
your projected mortgage payment as a reserve.

Equal Housing Opportunity 


4.  Property Location Requirement

The program requires both of the following:

  • The property you purchase must be located in Alameda County or Contra Costa County; and
  • The property must be within a reasonable commute of the applicant borrowers’ primary place of employment (i.e. 50 miles or less)

Equal Housing Opportunity 


5.  HUD-certified 8-hour Homebuyer Education

For this program, you, your spouse (if applicable), and any other household member involved in the loan must complete both of the following:

  • Attend a HUD-certified 8-hour Homebuyer Education course through an approved agency; and
  • Obtain a certificate of completion
Note: the certificate of completion must be dated within two (2) years at the time you submit a program eligibility application.

Equal Housing Opportunity 

Thank you for completing the Readiness Self-Assessment

 
Your response indicates that you are not a first-time homebuyer.
 

 

Home Access Program requires that all borrowers, including non-borrowing spouses, meet the First-Time Homebuyer Status requirement, meaning they must not have owned a home, or had ownership on a home, or co-signed a mortgage within the past three years.

We wish you the best and encourage you to explore
other programs and resources that may be a better fit for your current
circumstances.

 

 
Your response indicates that your household income exceed the current program income limits.
 

 

Income limits are established to ensure the program serves households within targeted affordability ranges.
You are welcome to check back periodically, as program limits may change.

We wish you the best and encourage you to explore
other programs and resources that may be a better fit for your current
circumstances.

 

 
The program requires you and your spouses to complete a HUD-certified 8-hour Homebuyer Education course through an approved agency and obtain certificates of completion. In addition, any other household member involved in the loan must also complete this requirement.
 
Your response indicates that you have not yet completed the course. We encourage you to enroll in a HUD approved 8-Hour Homebuyer Education course and return to complete the self-assessment once you have received your certificate.
 
You may find a list of approved HUD Certified Housing Counseling agencies here: https://housingtrustsv.org/Homebuyer-Education-Providers. 

 

Your response indicates that you do not yet meet the minimum purchase-readiness requirement for this program.
 
A purchase-ready homebuyer must have a minimum of 5% of the purchase price available at the time of application, which includes the required 3% down payment, estimated closing costs, and at least one month of projected mortgage payment reserves. 

 

 
Example: For a $400,000 home, you would need $12,000 for the down payment and $8,000 for closing costs (total $20,000) plus at least one month projected mortgage payment.
 
We encourage you to continue building your savings and consider attending one of our upcoming homebuyer workshops to help prepare for future opportunities.

Please sign up for our contact list to receive program updates and visit our website for information on upcoming workshops and webinars: https://housingtrustsv.org/programs/homebuyer-assistance/

 

The Home Access Program requires that the purchased property be located in Alameda or Contra Costa County and within a reasonable commute distance of the borrower’s primary place of employment.
Your response indicates that you intend to purchase a home located outside of our program geographic areas.
 
Please review the property location and the reasonable commute distance requirements and feel free to return if your housing search aligns with program parameters.
 
Please continue to check our website for updates or new program offerings: https://housingtrustsv.org/programs/homebuyer-assistance/

 


You may now proceed to complete the Interest Form
Please note that submission of the
Interest Form does not constitute an application or guarantee funding.

Click “Next” to continue to the Interest Form.

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