San Leandro
City of San Leandro
Program Summary:
| Type of Assistance: |
Second Mortgage |
|
Interest Rate: |
3% |
|
Assistance Amount: |
$30,000 |
|
Term: |
20 years |
|
Payments required? |
Yes, but deferred for first 5 years. Low income homebuyers have option to defer repayment until sale, transfer, refinancing or rental conversion. |
|
Deferral period? |
First 5 years. |
|
Layered Aid Allowed? |
Yes. City offers WISH Program, which provides matching funds up to $15K for low income homebuyers |
|
City equity participation at time of sale: |
None |
|
1st mortgage restrictions: |
Fixed interest rate product with no neg. amortization or balloon payments. |
|
List of approved lenders |
NA |
Purchaser Eligibility:
| Income Restriction: |
120% of AMI |
|
Purchaser Down Payment Requirement? |
Yes. At least 3% of the purchase price. |
|
Debt-to-Income Ratio: |
Flexible, but City loan approval based on affordable housing cost defined by State Redevelopment Law. |
|
Education requirements: |
City offers regular homebuyer education workshops. |
|
Live/work Requirements? |
Yes. Priority given to homebuyers living/working in San Leandro in last 2 years. |
Property Eligibility:
| Property Type: |
Single-family detached, condominium, and townhouse units |
|
Purchase price limit: |
None |
|
Owner occupancy percentage in condo complexes? |
NA |
|
Program Administrator: |
Calvin Whitaker |
