Through the First Time Homebuyer Loan Program, eligible applicants can receive down payment assistance. Assistance is offered in the form of a deferred payment loan. The interest rate for this loan is 75% of the first mortgage’s rate, but not more than 5%. This loan must be repaid when the house is sold, transferred, is no longer the applicant’s primary residence, or after a term of 30 years.

Applicants must put down a minimum of 3% of the down payment from their own funds. Most applicants must be first-time homebuyers and have not owned a home in the prior three years in order to qualify. However, exceptions can be made for single individuals who had previously owned a home with an ex-spouse or an ex-domestic partner, or employees of the city of Emeryville or of the Emery Unified School District.

Most applicants will also need to meet certain household income limits, and have a total household income less than 120% of the area median income. However, this may not apply if one of the homebuyers is an employee of the city of Emeryville.

In order for a house to qualify under this program, it must be the borrower’s primary residence. It must also meet a certain minimum and maximum household size, determined by Section 503(b) of the Uniform Housing Code and based on the number of bedrooms. These limits are as follows:

• Studio -- 1 to 2 people
• 1 bedroom -- 1 to 3 people
• 2 bedrooms -- 2 to 5 people
• 3 bedrooms -- 3 to 7 people
• 4 bedrooms -- 4 to 9 people

Other programs in California:

• MyHome Assistance Program
• Brentwood Down Payment Assistance Program
• GSFA Platinum Program
• CalHome Program
• First Home Mortgage Program
• Monterey County Down Payment Assistance Program
• Santa Ana Downpayment Assistance Program
• Riverside Down Payment Assistance Program
• School Teacher Employee Assistance Program

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