City of Hercules First Time Home Buyers Assistance Program

First-Time Homebuyers

To qualify for the Hercules First-Time Homebuyer Program, applicants must meet the first-time homebuyer criteria as per federal requirements. Furthermore, the applicant’s property must be:

* Within the City of Hercules;
* A single family unit (detached, town home, or condominium)
* A previously occupied or sold unit

Terms and conditions of the loan include:

* Maximum assistance loan amount of up to 20% of purchase price, not to exceed $75,000.00
* Loan is provided as a silent second and/or down payment assistance
* Loan is deferred for a period of 10 years
* The repayment period is twenty (20) years
* Interest rate on the loan is three percent (3%) simple
* Program requires buyer contribution equal to three percent (3%)
(funds can be used for down payment or closing costs)
* Interest does not accrue during deferral period (first ten years)
* No pre-payment penalties
* Several restrictions apply to home and buyer during a specific time period
* Restrictions end upon full repayment of loan assistance

To view the City of Hercules, please CLICK HERE

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Tagged as: City Mortgage Assistance, City of Hercules, down payment assistance, first time home buyer assistance