Housing Trust offers Homebuyer Assistance Programs

by on December 3, 2010

There are several different home-buyer assistance programs available through the Housing Trust of Santa Clara County.

These are wonderful programs for both the first time home buyer as well as the established home buyer.

  • The Closing Cost Assistance Program – This program provides 3% of the purchase price up to $15,000 towards the down payment, closing costs or other transaction fees associated with a home purchase. This loan is due when refinancing, selling the property, or in 30 years. Amazingly, there is only a 3% deferred interest rate. This program is specifically for first-time home buyers who earn up to 120% of the Counties median household income. In 2008 the median income was $88,525 – 120% of that would be $106,230.
  • The Mortgage Assistance Program – Here you get a conventional 2nd mortgage that provides 10% of the purchase price up to $85,000, with payments due monthly. The interest rate is 1.5% above the interest rate of the first loan. In other words, if you had a first loan at 5% this second would be at 6.5% and carries a 30 year term. This is a program for first-time home buyers who ear up to the $106,230 figure listed above.
  • The Purchase Assistance Program – A deferred second loan of up to $50,000 to help with the purchase of homes in San Jose that are foreclosed, abandoned or at risk of foreclosure. This loan is due when refinancing, selling the property, or in 30 years with a 3% deferred interest rate per year. The down payment required for this program has been reduced from 3% to 1%. This program is also designed for people who earn up to 120% of the Counties median household income and purchase a foreclosed home in a designated area as their primary residence.

For more information on these and other programs call me and I will assist you in getting the information.

Contact me at 408-839-2125 or vickiechandler@gmail.com.

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