Mortgage Assistance Program (aka MAP)

by on October 9, 2011

As I mentioned a few days ago, I recently attended several workshops sponsored by the Housing Trust of Santa Clara County. Another wonderful program presented by the Housing Trust is the Mortgage Assistance Program (aka MAP)

This is also a first-time home buyer program for people wishing to purchase in the Santa Clara Valley. That can include homes in Morgan Hill, Gilroy, Mountain View or any other community in the Santa Clara Valley.

Here are a few highlights of this program:

  • The maximum loan amount is 17% of the purchase price up to $85,000
  • It is an amortized second loan with interest and principle payments due monthly
  • The interest rate for the MAP loan is 1% above the interest rate on your first loan over a 30 term.
  • It is for first-time home buyers who have not purchased/owned a home in the Santa Clara County area in the past 3 years
  • There is a minimum contribution of 3% borrower contribution required

As with the CCAP program there are maximum income limits per household size which I will be more than happy to review with you.

For questions you can call me at 408-839-2125 or you can visit the Housing Trust website at http://www.housingtrustscc.org for information or to download guidelines and applications.

Please Note: You can only one Housing Trust of Santa Clara County per transaction

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