We are excited to bring you the Home Access Loan Program, designed to assist low-income households in achieving the dream of homeownership. In the greater Bay Area, housing affordability presents a significant challenge for first-time homebuyers. Many households in the region struggle to secure a substantial down payment, making homeownership with affordable mortgage payments an unattainable goal. This financial barrier not only impacts individuals and families but also affects the diversity and skill of our local workforce, as well as the well-being of our community.
To address this issue and support the most vulnerable households, Housing Trust Silicon Valley (Housing Trust) is proud to introduce the Home Access Loan Program. This program aims to assist low-income households in their journey to homeownership by providing down payment assistance and creating affordable mortgage payments. The Home Access Loan Program is made possible through funding from the California Department of Housing and Community Development under its CalHome Program. Housing Trust was granted funds and now administers the Reuse Funds for down payment assistance to help first-time homebuyers purchase a home.
Program Details
The Home Access Loan Program offers down payment assistance to low-income households seeking to purchase a single-family home, townhome, or condominium. Here are the key program details:
- Loan Amount: You can borrow up to 45% of the purchase price, with a maximum loan amount of up to $180,000. This enables you to bridge the gap between your down payment and the total purchase price.
- Loan Structure: It is a 30-year deferred loan. It carries a simple interest rate, which accrues annually. Interest accumulates on the principal loan amount until the entire principal is repaid.
- Borrower Contribution: You are required to contribute a minimum of 3% of the home’s purchase price.
- No Monthly Payments: It does not require monthly payments. Instead, the repayment of the loan (including the principal and accrued interest) is due at the end of the 30-year term. This allows you the flexibility to manage your finances and consider future options. *If you decide to sell your home before the end of the 30-year term, repayment of the loan (including the principal and accrued interest) becomes due.
- Eligible Property Types: Single-family homes, townhomes, or condominiums located in Alameda or Contra Costa County.
Qualifications
- You are a first-time homebuyer purchasing a primary residence in Alameda or Contra Costa County.
- You must live or work in the county where you are purchasing the property.
- You must occupy the home as your primary residence.
- You have obtained pre-approval from an approved lender (prior to application submission).
- You have a minimum down payment of 3% of the home’s purchase price.
- You have completed a HUD-certified 8-Hour Homebuyer Education class through the designated agency.
- Your combined gross household income, including all adult household members, must not exceed 80% of the Area Median Income for the county where the property is located.
| Maximum Household Income Table for 80% Area Median Income by Household Size | ||||||
|---|---|---|---|---|---|---|
| County | 1-Person | 2-Persons | 3-Persons | 4-Persons | 5-Persons | 6-Persons |
| Alameda | $78,550 | $89,750 | $100,950 | $112,150 | $121,150 | $130,100 |
| Contra Costa | $78,550 | $89,750 | $100,950 | $112,150 | $121,150 | $130,100 |
We are in the process of finalizing all the program details and this page is designed to provide you with an overview. We understand your eagerness to learn more, and we invite you to join our mailing list to be the first to receive updates and notifications.
Contact Info: homeaccess@housingtrustsv.org
Happy Holidays! Thank you for your email and for your interest in our down payment assistance programs. Our office will be closed from 12/23/23 – 1/1/24. Processing times may take longer than usual during the demanding December and January holiday season, and we appreciate your patience. Please know that we definitely look forward to connecting with you and helping you on your journey to homeownership!
Kind regards,
First-time Homebuyer Team