Livermore

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

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

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
Community Development Department
City of Livermore
(925) 960-4582