City of Rocklin First Time Home Buyer's Assistance Program

The City of Rocklin Redevelopment Agency offers a deferred payment second mortgage to assist low and moderate-income households in purchasing their first home by providing assistance with the down payment.

This First Time Home Buyers (FTHB) program uses Rocklin Redevelopment Agency funds to assist qualified participants to borrow 97% of the value of an existing or new home within Rocklin. Participants work with their own realtor to locate a house in Rocklin and their own 1st mortgage lender to submit the required application and documentation to the City.

The program can provide deferred monthly payments on a second mortgage at 4% simple annual interest to Households (HH) earning certain percentage of Placer County median as follows

* $75,000 to HH earning 80% or less
* $65,000 to HH earning 80.01%-90%
* and $40,000 to HH earning 90.01%-100%

The house price cannot exceed FHA maximum (currently at $580,000). The loan principle plus interest become due and payable upon future sale of the house or violation of the terms of the second mortgage.

Qualification Requirements

1. You must be a First Time Home Buyer – Participants cannot have owned their primary residence within the last three (3) years (except for displaced homemakers).
2. Income Eligibility – Incomes for all persons 18 years or older who will live in the house (not just the main borrowers) are included in determining household income for the purposes of the FTHB program.

To view the City of Rocklin’s website,please CLICK HERE

Other articles about this topic that might interest you:

City of Concord First Time Home Buyer’s Program City of Concord First Time Homebuyer Program(En espanol) What is the First Time Homebuyer Program?It is a second mortgage...
City of Oroville First Time Home Buyer’s Assistance Program Updated 3/9/09: I called today, funding is available although it is running short. FIRST TIME HOME BUYER Contact Information Phone...
City of Roseville First Time Home Buyer’s Assistance, Down Payment Assistance Program The First Time Home Buyer Down Payment Assistance Program (FTHB) is designed to promote home ownership for low income,...

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