Fremont
City of Fremont
Program Summary:
| Type of Assistance: |
Two types of loan products: Welcome Home and Welcome to the Neighborhood |
|
Interest Rate: |
None. |
|
Assistance Amount: |
$40,000 |
|
Term: |
45 years |
|
Payments required? |
Deferred. |
|
Deferral period? |
45 years. Repayment at end of term, resale or refinance for cash out. |
|
Layered Aid allowed? |
Yes. |
|
City equity participation at time of sale: |
Based on percentage of loan to purchase price. |
|
1st mortgage restrictions: |
Any CalHFA 1st mortgage is acceptable. If CalHFA product, City will subordinate to lower than 2nd position. If not a CalHFA product, it must be 30 year fixed. |
|
List of approved lenders |
Yes. |
Purchaser Eligibility:
| Income Restriction: |
120% of AMI |
|
Purchaser Down Payment Requirement? |
1% if not using CalHFA product. |
|
Debt-to-Income Ratio: |
None. |
|
Minimum Credit Score |
700 FICO if not using a CalHFA product, |
|
Education requirements: |
Yes. City sponsored workshop. |
|
Live/work Requirements? |
Preference is given to purchasers either currently or previously living/ed in the City of Fremont or currently work in the City of Fremont. |
Property Eligibility:
| Property Type: |
Single family, townhouse or condominium. |
|
Purchase price limit: |
None. |
|
Owner occupancy percentage in condo complexes? |
None. |
|
Program Administrator: |
May Lee, Housing Programs Manager |
