Pleasanton
City of Pleasanton
Program Summary:
| Type of Assistance: | Loan |
Interest Rate: |
3.5%, simple |
Assistance Amount: |
Assistance from both loans for households earning up to 120% of the AMI is up to $60,000 if matching funds are available to supplement city funds. (A maximum of $20,000 is available if loan is funded solely from city resources.) Loan limited to 20% of the purchase price. |
Term: |
20 years |
Payments required? |
Yes |
Deferral period? |
No, (but City may consider deferring payments for up to the first 3 years if necessary to improve borrower’s qualifying ratio) |
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: |
Must be a CalHFA-approved lender. |
Applicant Eligibility:
Income Restriction: |
120% of AMI |
Purchaser Down Payment Requirement? |
3% of purchase price. May be reduced to 1% if using other CalHFA mortgage and/or secondary financing products. |
Debt-to-Income Ratio: |
40% "back end" ratio. |
Education requirements: |
Yes. |
Live/work Requirements? |
Priority may be given to persons who live and/or work in the City of Pleasanton. |
Minimum Credit Score: |
660 FICO. |
Property Eligibility:
| Property Type: | Homes purchased may be single-family residences, mobilehomes, condominiums, townhouses, and single units that are part of a couplet or duet. Multi-unit structures (Duplexes, Triplexes 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: |
Scott Erickson, Housing Specialist |