​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.

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Emeryville First Time Homebuyer Loan Program

Financial Assistance for Homebuyers in California

​​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.

Available Assistance
The First Time Homebuyer Loan Program provides down payment assistance in the form of a low-interest rate, deferred payment loan. The interest is set at 75 percent of the first mortgage’s rate, or 5 percent—whichever is less. This payment is due upon sale, transfer, when the home no longer serves as the borrower’s primary residence, or in 30 years, whichever comes first. Borrowers must contribute at least 3 percent of the down payment themselves.

Eligibility Requirements
Applicants must in fact be first-time homebuyers, which means that those who have owned a home in the last three years do not qualify. There are exceptions to this rule if the applicants
  • Are single individuals or single parents who previously owned a house within the past three years with a previous spouse,
  • Are employees of the City of Emeryville
  • Are employees in the Emery Unified School District, or
  • Who previously owned a house with a domestic partner within the past three years but the domestic partnership has been terminated.
Income LImits
All applicants’ total household income must fall within 120 percent of area median, as published annually by the United States Department of Housing and Urban Development (HUD), unless one of the buyers in the household is an employee of the City of Emeryville.

Property Guidelines
Any home being purchased must serve as the applicant’s primary residence. Occupancy limits or purchasing unit will be based upon Section 503(b) of the Uniform Housing Code, which specifies the minimum and maximum household size allowed based upon the number of bedrooms in a unit:

Studio -- 1 to 2 persons
1 bedroom -- 1 to 3 persons
2 bedrooms -- 2 to 5 persons
3 bedrooms -- 3 to 7 persons
4 bedrooms -- 4 to 9 persons

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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