Sierra Central CU | Middle Income Downpayment Assistance Program

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Middle Income Downpayment Assistance Program

Middle Income Down Payment Assistance

Eligible homebuyers who contribute a minimum of $10,000 toward their down payment may qualify for a grant of up to $50,000 that can be used for the homebuyer’s down payment and closing costs.

A homebuyer applicant must fulfill the requirements below in order to be eligible for Middle-Income Down payment Assistance funds, which are given through a participating FHLBank San Francisco member.

The applicant must:

Be a first-time homebuyer, as defined by the U.S. Department of Housing and Urban Development (HUD)
Income eligibility requires the homebuyer household to have earnings between 80.01% and 140% of the HUD defined AMI based on purchase property address and adjusted for household size
Successfully complete a homebuyer counseling program
Purchase an eligible property as their primary residence in Arizona, California, or Nevada. Such property may include (1) single-family homes, such as a condominium, cooperative housing, and manufactured homes, and (2) housing with two to four dwelling units with at least one owner-occupied unit
Open escrow on a home purchase transaction, with closing scheduled within 30 days prior to the Bank member requesting program funds, which such member will disburse to the homebuyer
Make a minimum contribution of $10,000, which may come from savings or gifted funds

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*APR as low as

*APY as high as

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Financial Product Calculator

How much can I afford?

This calculator computes the most expensive car you can buy based on the highest monthly payment you can afford. The calculated amount includes taxes and documentation fees.

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Calculator Results

Based on the information entered, the total amount that you can afford to pay on your car, taxes, and document fees is:

^{*All loans subject to credit approval and some restrictions may apply. Sierra Central fees include, but are not limited to, 1.75% origination fee, processing fees, underwriting fees, and closing documentation fees. Maximum loan amount of $832,750. APR =Annual Percentage Rate. All mortgage rates are based on a 60-day rate lock. Rates are subject to change at any time. LTV = Loan to Value ratio. Private mortgage insurance is required for loans over 80% LTV and are subject to certain restrictions for approval. Example First Mortgage Loan. Purchase a property, with a loan amount of $160,000 and an estimated property value of $200,000, with a 20% down payment equal to $40,000. The property is in Yuba City, CA. The property is an existing single-family residence and will be used as a primary residence. The assumed credit score is 740. At a 6.25% interest rate, the APR for this loan type is 6.62%. The payment schedule for a 30-year loan would be approximately $985.15 (Principal and Interest) per month. The example was based on 80% LTV and program allows up to 97% LTV. We reserve the right to correct printing errors. Membership is open to anyone who lives, works, or attends school in any of our branch location counties. Membership and/or participation fees may apply. Other restrictions may apply; must meet account opening criteria to join. Any rates, fees and terms subject to certain criteria and may vary. Equal Housing Opportunity. NMLS# 786202}