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Middle Income Down Payment Assistance Program
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
If you’re looking for a home loan lender who takes the time to understand your financial situation and personal goals, let Sierra Central help you with your home loan process.
Member rewards, discounts and special promotions!
Member rewards, discounts and special promotions!
For a limited time, eligible members may receive an extra .25% discount on their Auto Loan when payments are set up from a Sierra Central Checking account.
For a limited time, eligible members may receive an extra .25% discount on their Auto Loan when payments are set up from a Sierra Central Checking account.
