| Applicant Eligibility |
- Must be a first-time homebuyer (not owned primary residence for 3 years).
- Household income cannot exceed 120% of area median income (AMI) for Contra Costa County adjusted for family size.
- Must qualify for a first mortgage loan.
- Prescreen worksheet must be submitted to First Home, Inc., the Program Administrator.
- Applicant must also qualify and use the WISH down payment assistance grant.
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| Eligible Properties |
- Single family attached or detached residences including town houses and condominiums.
- Property must be located in the Pinole city limits.
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| Maximum Loan |
- Up to $30,000 for incomes between 81-120% AMI, up to $50,000 for incomes between 51-80% AMI and up to $100,000 for incomes below 50% of the AMI depending on income bracket that the households falls into
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| Loan Terms |
- 30 year term.
- Borrower required to make down payment of 3% or $5,000, whicjever is greater.
- Borrower must remain owner/occupant through the term of the loan.
- Homebuyer education certificate required.
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| Repayment |
- 30 year amortizing with varying defferment payments based on income level.
- This is a "Shared Appreciation" loan. Upon sale or cash out refinance on the property, the borrower is responsible for paying the City shared appreciation based on the % that the city contributed.
- There is no pre-payment penalty. Borrower is responsible for paying of the shared appreciation of the loan at the time of the sale of the property or if borrower refinances the property and takes cash out through the refinance. In the case of a cash-out refinance, the borrower will be responsible for paying off the outstanding principal balance on the city’s loan and any shared appreciation.
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| Equity Participation |
- Upon sale or other triggering event, the city shares in the appreciation of the property on the %of the city’s loan to the original purchase price as a percentage.
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| Loan Security |
- City loan secured by second deed of trust.
- Junior loans from another source, such as the Federal Home Loan Bank’s WISH program and a variety of CalHFA programs may be available to leverage the City loan.
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| Summary |
- This table presents a summary of the program. The Program Manual gives more detail. The definitive source for program terms and conditions are the notes, deeds, and regulatory agreements the buyer will execute as part of a real estate escrow.
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