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The First Time Home Buyer Down Payment Assistance Program (FTHB) is designed to promote home ownership for low income, first time homebuyers.
Down payment assistance is in the form of a deferred loan (second mortgage), not due and payable until sale or transfer of property.
Maximum assistance will be in the amount of $60,000.
Eligible participants must have annual incomes at or below 80 percent of the median income for the Sacramento area adjusted for family size.
2017 FTHB annual income limits are listed below:
1 person - $41,550 4 persons - $59,350
2 persons - $47,500 5 persons -$64,100
3 persons - $53,450 6 persons -$68,850
First Time Home Buyer
Eligible participants (both applicant and co-applicant) must meet one of the definitions of a first time Home Buyer as described below:
- Applicant(s) shall not have owned a home, except a mobile home not affixed to a permanent foundation, during the three years prior to applying for assistance under the City’s Down Payment Assistance Program; or
- A displaced homemaker who, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse. A displaced homemaker is an adult who has not, within the preceding 2 years, worked on a full-time basis as a member of the labor force for a consecutive twelve-month period and who has been unemployed or under-employed, experienced difficulty in obtaining or upgrading employment and worked primarily without remuneration to care for his or her home and family; or
- A single parent who, while married, owned a home with his or her spouse or resided in a home owned by the spouse. A single parent is an individual who is unmarried or legally separated from a spouse and has one or more minor children for whom the individual has custody or joint custody or is pregnant; or
- An individual or individuals who owns or owned, as a principal residence during the 3-year period before the purchase of a home with HOME assistance, a dwelling unit whose structure is: not permanently affixed to a permanent foundation in accordance with local or state regulations; or not in compliance with state, local, or model building codes and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.
If funds are no longer available, or you are unable to meet the qualifications for this assistance program, there are other options that may be available to you.
California home buyers should also explore Mortgage Credit Certificates, CRA Programs, Lender/Agent Credits or other creative down payment and closing cost assistance options.