Loan

Interest Rate:

3%, fixed, simple.

Assistance Amount:

Up to 10% of the Purchase Price for a market rate home or pp 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. Purchaser must pay to the City at time of loan repayment the loan principle, interest based on amount set at time of loan and 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.

1st mortgage restrictions:

Must be reviewed and approved by City staff.

List of approved lenders:

No.

Up to 140% of Area Median Income for market rate homes or up to 120% of Area Median Income for 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.

Single family or single unit residence.

Purchase price limit:

$781,000

Owner occupancy percentage in condo complexes?

NA

Program Administrator:

Housing Specialist: John Lucero
100 Civic Plaza, Dublin CA  94568
Phone: (925) 833-6610
Fax: (925) 833-6628