County offers loans for first-time homebuyers
March 15, 2012
The El Dorado County Health and Human Services Agency is offering low-interest rate deferred payment loans to first-time eligible homebuyers in the unincorporated areras of El Dorado County.
The First Time Homebuyer Loan Program recently received approval for $800,000 from the State’s Home Investment Partnerships Program fund. Funding for the program is provided through the California Department of Housing and Community Development State’s Home Investment Partnerships Program and the county’s revolving housing loan fund.
Eligible applicants must provide a downpayment, the greater of $2,500 or 2 percent based on the purchase price of a home. Individuals must also qualify for a fixed-rate 30-year first mortgage through a commercial lender and have a total household income at or below 80 percent of the local median income based on household size. With a few exceptions, eligible applicants cannot have owned a home or been on title to real property within the last three years. Current annual maximum household income limits are: one person, $42,650; two persons, $48,750; three persons, $54,850; four persons, $60,900; five persons, $65,800; six persons, $70,650; seven persons, $75,550; eight persons, $80,400.
The county’s First Time Homebuyer Loan Program is designed as a gap financing program for applicants who would not qualify for a bank loan sufficient to purchase a home due to limited income. The loan program includes loan amounts up to $80,000 at 3 percent interest with payments deferred for 30 years. Loans are available while funding lasts to eligible buyers on a first-come, first-served basis after completing an application process.
For more information, visit edcgov.us or call the El Dorado County Housing, Community and Economic Development Block Grant Programs at 530-642-4864.
-Provided to the Tribune