Newark
City of Newark
Program Summary:
| Type of Assistance: |
Loan |
|
Interest Rate: |
3% amortized over 30 years. |
|
Assistance Amount: |
Up to $60,000 |
|
Term: |
35 years. |
|
Payments required? |
Yes, following five-year deferral period |
|
Deferral period? |
Yes. Payments and interest deferred for first five years. |
|
Layered Aid Allowed? |
Yes. |
|
City equity participation at time of sale: |
Yes. Seller pays City a share of the appreciation based on the proportion of the City's loan to the original purchase price. |
|
1st mortgage restrictions: |
30 year fixed or CalHFA interest only products. |
|
List of approved lenders: |
No. |
Purchaser Eligibility:
| Income Restriction: |
80% of AMI |
|
Purchaser Down Payment Requirement: |
3% of purchase price |
|
Debt-to-Income Ratio: |
45% back end. |
|
Education requirements: |
Yes. Homebuyer education certificate required. |
|
Live/work Requirements: |
Preference given to purchasers who live or work in Newark or have immediate family in Newark. |
|
Minimum Credit Score: |
620 FICO |
Property Eligibility:
| Property Type: |
Single family, condos and town homes. |
|
Purchase price limit: |
None. |
|
Owner occupancy percentage in condo complexes? |
Contingent on 1st mortgage lender approval. |
|
Program Administrator: |
Maytrella Guevara |
