First Time Home Buyer Loans Available In Santa Clarita
Santa Clarita Residents thinking of buying their first home may qualify for affordable loans through the City’s FirstHOME program. Local residents are invited to attend one of four informational meetings for the next round of FirstHOME loans.
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FirstHOME is a program designed to assist eligible lower income families in purchasing their first home and is made possible through funding from the California Department of Housing and Community Development.
Due to high demand for FirstHOME loans, interested applicants must attend at least one informational meeting to be entered into a lottery for eligibility to apply for the FirstHOME Program.
Applicants who have lived or worked inside City limits for at least the last 6 months will be given priority in the lottery. Applicants will be notified of their acceptance into the program by late summer 2013, and may begin their search for homes as early as October 2013.
The program offers a second mortgage loan at a rate of zero percent. The deferred-payment, second mortgage can be used to assist in purchasing a home within City limits. Household income limits vary with household size. For example, the maximum annual income for a household of four is $66,250.
Homes purchased through the program may be single family or condominiums and must be located inside the City limits. Mobile home purchases are not eligible. Loans cannot exceed 50 percent of the sale price of the home. Additional limits on the number of bedrooms and total loan amounts also apply.
Additional informational meetings will be hosted in the Century Room at City Hall at various dates and times, including: Thursday, May 23, 2013 from 7:00 p.m. to 9:00 p.m. Wednesday, May 29, 2013 from 7:00 p.m. to 9:00 p.m. and Saturday, June 1, 2013 from 10:00 a.m. to noon. Spanish translation services will be offered at the first meeting held at City Hall from 10:00 a.m. to noon on Saturday, June 1, 2013.
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