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County Taking Applications for First-Time Home Buyer Assistance Program

February 20, 2015

Placer County is accepting applications for a program that helps eligible low-income residents purchase their first homes by making monthly mortgage payments more affordable.

Loans up to $100,000 are available through the First-Time Home Buyer Assistance Program to help qualified households purchase homes in unincorporated areas of Placer County. Through the program, the county provides deferred-payment second-mortgage loans.  The loans are not due and payable for 30 years unless a change occurs such as owners cease to occupy homes or go into default, sell or transfer title to properties.

The program is designed to promote home ownership among low-income residents. Loans are available on a first-come, first-served basis.

Each participant in the program must have a gross household income equal to no more than 80 percent of the median income for households of the same size in Placer County.

To be eligible, an applicant also must:

  • Be a first-time homebuyer;
  • Be pre-approved for a first mortgage loan;
  • Intend to buy a property located in an unincorporated area of Placer County; and
  • Have at least 3 percent of the total purchase price at the time of the application.

The second-mortgage loans cannot exceed $100,000 and cannot be for more than 40 percent of a home’s value. The maximum sales prices are $300,000 for single-family houses and $185,000 for condominiums.   

The first step in the process is filling out a Program Interest Application Form.

The application form, household income limits and other details are on the Planning Services Division’s Website

The website also provides a detailed explanation of who qualifies as a first-time homebuyer.

More information also is available by calling the Planning Services Division at 530-745-3170 or by e-mail.

Completed applications should be mailed to the Placer County Planning Services Division, 3091 County Center Drive, Auburn CA 95603.

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