Livermore
City of Livermore
Program Summary
| Type of Assistance: |
Two loans – each with it’s own terms |
|
Interest Rate: |
3%, simple – applies to both loans |
|
Assistance Amount: |
Loan #1:Households earning up to 120% of the AMI are eligible for up to $30,000 or Loan #2 - up to 80% of the AMI are eligible for up to $40,000. Loans limited to 20% of the purchase price. |
|
Term: |
30 years |
|
Payments required? |
Loan #1- Yes, Loan #2 -No |
|
Deferral period? |
Loan #1- No, Loan #2 - 30 years |
|
Layered Aid Allowed? |
Yes. |
|
City equity participation at time of sale: |
No. |
|
1st mortgage restrictions: |
First mortgages must be fixed rate loans with no negative amortization, balloon payments or adjustable rate features. |
|
List of approved lenders |
No |
Applicant Eligibility
| Income Restriction: |
120% of AMI |
|
Purchaser Down Payment Requirement? |
3% |
|
Debt-to-Income Ratio: |
40% back end ratio. However, a higher credit score or larger down payment allows for flexibility. |
|
Education requirements: |
Yes. |
|
Live/work Requirements? |
Priority shall be given to persons who live and/or work in the City of Livermore. |
|
Minimum Credit Score: |
660 FICO |
Property Eligibility:
| Property Type: |
Homes purchased must be single-family residences. This includes condominiums, townhouses, mobile homes, and single units that are part of a couplet or duet. Multi-unit structures (Duplexes, tri-plexes etc.) where more than one unit is being purchased are not eligible. |
|
Purchase price limit: |
None. |
|
Owner occupancy percentage in condo complexes? |
None. |
|
Program Administrator: |
Frances Reisner, Housing Specialist |
