Contra Costa County "American Dream"
Down Payment Assistance
Type of Assistance: Down payment, closing costs, and rehabilitation
carried out in conjunction with the assisted home purchase. The loan is in
the form of a silent second contingent interest mortgage. The interest rate
is based on the ratio of the County loan to the purchase price of the home.
(For example, if your home costs $350,000 and you receive $3,500 assistance,
your contingent interest rate will be 1%). The loan is deferred until sale
at which time the loan ($3,500) plus 1% of any appreciation that has
accrued.
Who is eligible? Households whose incomes are less than 80% of median
(e.g. $66,250 for a household of 4) who are first time homebuyers and who
have a 3% buyer’s contribution to be used towards down payment and closing
costs.
Maximum Purchase Price: $405,650 Countywide except for the City of
Richmond.
Contact: Sara Welch, Housing Planner (925)335-1264 and
www.ccreach.org to download the brochure and application.
|
