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.

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Monterey County Down Payment Assistance Program

Financial Assistance for Homebuyers in California

The County of Monterey recognizes that many potential homebuyers who can afford monthly mortgage payments don’t have the funds saved up to make required down payment on a new home. To help individuals overcome this hurdle, the County offers the First Time Homebuyers (FTHB) Down Payment Assistance Program. Funded by HOME funds provided by the State, the County can assist individuals by supplying a portion of the down payment to help them purchase a home in the unincorporated areas of the County, to income-qualified households.

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, $379,000 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: $38,750
2 person household: $44,300
3 person household: $49,850
4 person household: $55,350
5 person household: $59,800
6 person household: $64,250
7 person household: $68,650
8 person household: $73,100

(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 Grants in California

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.

The 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.

The California Homebuyer’s Downpayment Assistance Program is a deferred-payment junior loan that grants applicants up to 3% of the purchase price or appraised value of the property, which can be put towards the down payment and/or closing costs. 

The City of Downey has partnered with the local housing non-profit organization Neighborhood Housing Services (NHS) to provide down payment assistance in the form of a $60,000 loan, via the Downey First-time Homebuyer’s 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.

The Extra Credit Teacher Home Purchase Program (ECTP) grants eligible applicants a deferred junior loan ranging between $7,500 and $15,000, which can only be combined with an eligible first mortgage loan from the California Housing Finance Agency.

Under the First Home Mortgage Program, applicants can receive up to 4 percent of the total first mortgage amount to be put toward paying the down payment and closing cost assistance. This assistance comes in the form of a grant, which has no repayment terms.

Califonia’s 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.

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.

The 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.

CalHome Grant in order to help individuals achieve their dreams of homeownership. This program funds the Riverside Down Payment Assistance Program, which provides first-time homebuyers up to $50,000 to help pay the hefty, upfront costs on their new homes.

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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