Alameda
City of Alameda
Program Summary:
| Type of Assistance: |
Second Mortgage |
|
Interest Rate: |
No interest charged if loan repaid within the first five years. Starting in year six, the loan converts to a Shared Appreciation loan. |
|
Assistance Amount: |
$35,000 to $50,000 based on household income adjusted for household size. |
|
Term: |
15 years |
|
Payments required? |
Yes, but deferred for first 15 years. |
|
Deferral period? |
Payments deferred for first 15 years. |
|
Layered Aid Allowed? |
Yes. Junior loans including the WISH program may leverage the Agency loan. |
|
City equity participation at time of sale: |
Yes. Agency shares in the appreciation of the property based on the proportion of the city's loan to the original purchase price as a percentage. |
|
1st mortgage restrictions: |
NA |
|
List of approved lenders |
NA |
Purchaser Eligibility:
| Income Restriction: |
120% of AMI |
|
Purchaser Down Payment Requirement? |
NA |
|
Debt-to-Income Ratio: |
Must qualify for a first mortgage. |
|
Education requirements: |
Yes. Prescreen worksheet must be submitted to First Home, Inc., the Program Administrator. |
|
Live/work Requirements? |
Yes. Priority for households that are currently living or working in the City of Alameda. Borrower must remain owner/occupant through the term of the loan. |
|
Minimum Credit Score: |
620 FICO |
Property Eligibility:
| Property Type: |
Single-family detached, condominium, and townhouse units. Must be in Alameda city limits |
|
Purchase price limit: |
NA |
|
Owner occupancy percentage in condo complexes? |
NA |
|
Program Administrator: |
First Home, Inc. |
