Dublin
City of Dublin
Program Summary:
| Type of Assistance: | Loan |
Interest Rate: |
3.5%, fixed, simple. |
Assistance Amount: |
Up to 10% of the Purchase Price for a market rate home or up to 15% of the Purchase Price for a Below Market Rate home |
Term: |
30 years |
Payments required? |
Deferred. |
Deferral period? |
Until sale of residence, payoff or refinance of first mortgage, recording of a Notice of Default. |
Layered Aid Allowed? |
Yes. |
City equity participation at time of sale: |
Yes for “market-rate” homes purchased using the assistance program. Purchaser must pay to the City at time of loan repayment the greater of either the loan principle and interest based on amount set at time loan was made or an equity share based on the amount of the City's loan in proportion to the value of the property less the original purchase price. Program participants using the assistance to purchase “below market rate” resale-restricted units are exempt from sharing any equity with the city. |
1st mortgage restrictions: |
Must be reviewed and approved by City staff. |
List of approved lenders: |
No. |
Purchaser Eligibility:
Income Restriction: |
Up to 120% of Area Median Income for both market rate and below market rate homes |
Purchaser Down Payment Requirement? |
3% of purchase price. |
Debt-to-Income Ratio: |
50% of purchasers total income. |
Education requirements: |
Purchaser must complete a City-approved course. |
Live/work Requirements? |
Preference is given to purchasers either currently living or working in the City of Dublin, to seniors (62+), to the permanently disabled and to those who must relocate as the result of the demolition of their homes or due to a condominium conversion. |
Minimum Credit Score: |
620 average of three scores. |
Property Eligibility:
| Property Type: | Single family or single unit residence. |
Purchase price limit: |
$602,500 |
Owner occupancy percentage in condo complexes? |
NA |
Program Administrator: |
Housing Specialist: John Lucero |
