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.

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Riverside Down Payment Assistance Program

Financial Assistance for Homebuyers in California

The State of California’s Department of Housing & Community Development awarded the City of Riverside with the 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.
 
Available Assistance
The Riverside Down Payment Assistance Program is awarded to applicants in the form of an interest-free, 30-year deferred loan of up to $50,000, or 25% of the sales price, whichever is less. There are no monthly payments on this loan for 30 years, unless applicants decide to sell, transfer, refinance or convert the purchased home into a rental property.
 
Eligibility Requirements
To be considered eligible for the Riverside Down Payment Assistance Program, all applicants need to meet certain requirements. All applicants must be classified as first-time homebuyers, which means any person who has owned a home in the last three years does not qualify. They must have a combined household income that falls under 80 percent of the area median income for Riverside County (Program limits shown below). The program requires that all applicants have a FICO Score of at least 580, and be able to contribute at least 1 percent of the purchase price toward the down payment from their own liquid assets.
 
Property Guidelines
Under the program, the home being purchased must serve as the applicant’s primary residence, and cannot exceed the sale price of $355,500. Eligible properties include single-family homes, townhomes/condominiums, and manufactured homes located in Riverside city limits.
 
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: $37,550
2 person household: $42,900
3 person household: $48,250
4 person household: $53,600
5 person household: $57,900
6 person household: $62,200
7 person household: $66,500
8 person household: $70,800

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.) spacer

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

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.

‚ÄčThe 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.

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.

The School Teacher Employee Assistance Program grants eligible applicants a junior loan for teachers, administrators, school district employees, and staff members working for any California K-12 public schools as down payment assistance when purchasing their first home.

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