Updated 3/9/09: I called today, funding is available although it is running short.
FIRST TIME HOME BUYER
Contact Information
Phone 530.538.2495
Fax 530.538.2539
E-mail housing@cityoforoville.org
*Always check with the Business Assistance/Housing Development Department for funding availability.
Loans are based on total household income and family size.
(If your income exceeds these limits perhaps you may qualify for our RDA First Time Home Buyers Program)
*The maximum loan amount is as follows – Families earning up to 80% of area median income may qualify for a maximum loan amount that is 45% of the purchase price or $100,000.00 plus an additional 6% of the purchase price, whichever is less.
SPECIAL CONDITIONS:
• Family must be a “first time” home buyer (has not owned a home within the past three years)
• The maximum sale price of the home can not exceed $304,000.
• The home purchased must be located in the Oroville city limits and must
meet all “Housing Code” requirements or be rehabilitated to meet “Code”.
First Time Home Buyer Program REPAYMENT CONDITIONS:
• A mortgage subsidy loan is secured by a Deed of Trust and does not require monthly payments.
• Repayment of the loan will be required if the
house is sold, title is transferred, or if the house is no longer a family’s principal residence.
• When Re-financing your home loan, always check with
the Business Assistance/Housing Development Department to see if
repayment of the loan is required.
• The City loan deferred payment loan with 3% simple interest.
Please click on the link Interest Loan Example for more details.
work as shown in the chart below.
INTEREST LOAN EXAMPLE
Interest Loan Example
Checklist for the FTHB Program:
• A mandatory First Time Home Buyer Workshop and Budget Workshop is required. These workshops will provide the educational information needed to look for a lender, real estate agent, and to teach the fundamentals for purchasing a home. You may call the Community Housing & Credit
Counseling Center at 1-888-912-4663.
• Make an appointment with a residential lender; of your choice, to request a “pre qualifying interview”. The lender will review your employment and credit history, your current financial situation, and your household budget. The lender will also determine the amount of the home loan you may
qualify for.
• Following pre approval from the lender, the application with all required Information for the FTHB can be returned the City of Oroville.
• Once the lender has determined your pre-qualification, and the city has determined your eligibility for the FTHB loan, you can start looking for a home. Prior to opening escrow, your real estate agent should contact the Business Assistance Housing Development Department to check for
availability of funds.
To view the City of Oroville’s website, please CLICK HERE
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- City of Watsonville First Time Home Buyer’s Assistance Program The City of Watsonville offers a First Time Home Buyer Program (FTHB) to help people buy their first home....
- City of South El Monte First Time Home Buyer’s Assistance Program First Time Home Buyer’s Program The First Time Home Buyers Program consists of a $50,000.00 (Fifty Thousand dollar) down-payment...
Chris "Doc" Apodaca
Jeff Brown – BawldGuy
Scott Schang
