Federal Home Loan Bank
"WISE IDEA" Program
Type of Assistance: The Wise Idea Program assists income qualified
first time homebuyers to save up for a down payment. Households who learn to
budget and save through the program realize $3.00 for every $1.00 they save
for their home – up to a maximum of $15,000. Participating households must
save for a minimum of ten months, successfully complete a homebuyer
education program, find a home and qualify for a mortgage. The subsidy must
be used only toward a down payment or closing costs. The match is a
forgivable loan after 5 years.
Who Is Eligible? Households in Contra Costa, Alameda, and San Mateo
Counties who are first time homebuyers, have good credit, stable income and
employment, and are under 80% of the area median income.
Contact: First Home, Inc. administers the program and can be reached
at (888)572-1222 for further information.
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