Monterey County Down Payment Assistance Program
Financial Assistance for Homebuyers in California
Available Assistance
The FTHB Program provides down payment assistance in the form of a loan, the maximum amount of which may not exceed the lesser of the maximum HOME subsidy limit, 20 percent of the purchase price, or the amount needed as determined by underwriting criteria. The maximum loan amount will never exceed the amount of the primary loan.
Eligibility Requirements
To be considered eligible for the FTHB Program, borrowers must meet certain requirements. Applicants must be residents of Monterey County and first-time homebuyers, which means that those who have owned a home in the last three years do not qualify. FTHB down payment assistance is available only to those whose annual household income falls at or under 80 percent of the area median income for Monterey County (limits shown below). Additionally, all borrowers must be able to contribute at least 3.5 percent of the purchase price from their own funds toward the down payment.
Property Guidelines
Any home being purchased by a borrower must serve as their primary residence, and must be “modest;” no more than three bedrooms, two bathrooms, and a two-car garage. The property must not exceed the program’s maximum purchase price, $396,000 for all unincorporated areas of the County.
Income Limits
Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.
1 person household: $46,800
2 person household: $53,450
3 person household: $60,150
4 person household: $66,800
5 person household: $72,150
6 person household: $77,500
7 person household: $82,850
8 person household: $88,200
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in California
Brentwood Down Payment Assistance Program
The City of Brentwood offers first-time homebuyers the Down Payment Assistance Program (DAP), which provides funds that go toward the down payment and/or closing costs. Assistance comes in the form of a deferred payment loan program for first-time homebuyers.
CalHFA My Home Assistance Program
The CalHFA MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs.
Emeryville First Time Homebuyer Loan Program
The First Time Homebuyer Loan Program that was established by the City of Emeryville provides down payment assistance to households at or below moderate income. This initiative gets individuals out of the renter’s trap by helping them to pay the heavy, upfront costs of purchasing a home.
GSFA Platinum Program
The California Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home.
Los Angeles County Affordable Homeownership Program
The Los Angeles County Development Authority (LACDA) provides low- and moderate- income households with down payment assistance via the Affordable Homeownership Program.
Monterey County Down Payment Assistance Program
The FTHB Program provides down payment assistance in the form of a loan, the maximum amount of which may not exceed the lesser of the maximum HOME subsidy limit, 20 percent of the purchase price, or the amount needed as determined by underwriting criteria. The maximum loan amount will never exceed the amount of the primary loan.
Orange County Housing and Development Mortgage Assistance Program
The Orange County Housing and Development Mortgage Assistance Program provides down payment assistance loans to assist low-income first-time homebuyers.
San Diego County Down Payment / CalHome Program
The San Diego County Down Payment / CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually.
Santa Ana Downpayment Assistance Program
Santa Ana’s Downpayment Assistance Loan Program provides eligible applicants up to $40,000 to be put toward the down payment on their new home. These funds are available on a first-come, first-served basis, in the form of a zero-interest loan.
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