We are excited to bring you the Home Access 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 is proud to introduce the Home Access Program. This program aims to assist lower-income households with purchasing their first home by providing down payment assistance and creating affordable mortgage payments. The Home Access 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 Program offers down payment assistance to lower-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 40% of the purchase price, with a maximum loan amount of up to $200,000. 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 plus 2% for closing costs.
- Loan Repayment: The repayment of the loan (including principal and accrued interest) is due at the end of the 30-year term. No monthly principal or Interest payments are required during the loan term. This allows you the flexibility to manage your finances and consider future options. *If you sell, transfer, or refinance 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.
Preliminary Requirements
- You are a Bay Area resident and a first-time homebuyer purchasing a home in Alameda or Contra Costa County.
- The home you purchase must be within a reasonable commute distance of your place of employment.
- You have at least 5% of the purchase price available to meet the required borrower contribution toward the down payment and closing costs.
- You have a minimum of 1 month reserve after purchase. This reserve should include 1 month of mortgage payment, property tax, hazard insurance, and homeowners’ association dues (if applicable).
- You have completed a HUD-certified 8-hour Homebuyer Education class through a designated agency.
- Your combined gross household income, including all adult household members, does not exceed 80% of the Area Median Income (AMI) 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 | $95,050 | $108,600 | $122,200 | $135,750 | $146,650 | $157,500 |
| Contra Costa | $95,050 | $108,600 | $122,200 | $135,750 | $146,650 | $157,500 |
Getting Started
> Complete the Homebuyer Readiness Self-Assessment (Online)
Answer a few questions to help determine whether you may be ready to move forward with the program
> Complete Homebuyer Education Class
All borrowers (including non-borrowing spouses) must complete a HUD-certified 8-hour Homebuyer Education Class through a designated agency
A valid HUD-certified 8-hour Homebuyer Education Certificate is required
CHECK OUT THE LIST OF APPROVED HOMEBUYER EDUCATION PROVIDERS →
> Determine Your Next Step
After completing your Self-Assessment and the Homebuyer Education Class, you will have a better understanding of your homebuying readiness and the next steps to move forward
Completion of the self-assessment does not constitute submission of a program eligibility application and does not guarantee program eligibility, funding availability, or loan approval.