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.