Hayward

Second Mortgage

Interest Rate:

3.5%

Assistance Amount:

$30,000 Moderate Income/$40,000 Low Income

Term:

30 years

Payments required?

Yes

Deferral period?

5 Years

Layered Aid Allowed?

Yes

City equity participation at time of sale:

No. Repayable outstanding debt only

1st mortgage:

Fixed interest rate product with no neg. amortization or balloon payments

List of approved lenders

Yes.

80% of AMI (Low Income

)

120% of AMI (Moderate Income) FTHB'ers only

Purchaser Down Payment Requirement?

At least 3% of the purchase price, plus funds for recurring closing costs. Or 1% of purchase price plus recurring if using CalHFA

Debt-to-Income Ratio:

Not to exceed 45% of household's total gross income

Education requirements:

Yes. From list of City's approved organizations

Live/work Requirements?

No

Minimum Credit Score:

620

New or existing single-family homes, condominiums or townhouses (no manufactured units or mobile homes). Must be located within the municipal boundaries of the City of Hayward.

Purchase price limit:

None

Owner occupancy percentage in condo complexes?

No.

Additional Information:

For general program inquiries or to reserve a place in a workshop, please contact Bay Area Homebuyer Agency/First Home, Inc. at:

info@myhomegateway.com
(888) 572-1222 x110, or
JoAnne D’Agostino at (510) 583-4244

For inquiries from Real Estate/Mortgage Lenders and Brokers only, please contact:

DPA@myhomegateway.com or (888) 572-1222 x107