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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 California. 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.
