Housing Opportunities Program
City of Fremont
Program Summary:
Type of Assistance: |
Two types of loan products: Welcome Home and Welcome to the Neighborhood |
Interest Rate: |
None. |
Assistance Amount: |
$40,000 |
Term: |
45 years |
Payments required? |
Deferred. |
Deferral period? |
45 years. Repayment at end of term, resale or refinance for cash out. |
Layered Aid allowed? |
Yes. |
City equity participation at time of sale: |
Based on percentage of loan to purchase price. |
1st mortgage restrictions: |
Any CalHFA 1st mortgage is acceptable. If CalHFA product, City will subordinate to lower than 2nd position. If not a CalHFA product, it must be 30 year fixed. |
List of approved lenders |
Yes. |
Purchaser Eligibility:
| Income Restriction: |
120% of AMI |
Purchaser Down Payment Requirement? |
1% if not using CalHFA product. |
Debt-to-Income Ratio: |
None. |
Minimum Credit Score |
700 FICO if not using a CalHFA product, |
Education requirements: |
Yes. City sponsored workshop. |
Live/work Requirements? |
Preference is given to purchasers either currently or previously living/ed in the City of Fremont or currently work in the City of Fremont. |
Property Eligibility:
| Property Type: |
Single family, townhouse or condominium. |
Purchase price limit: |
None. |
Owner occupancy percentage in condo complexes? |
None. |
Program Administrator: |
May Lee, Housing Programs Manager
(510) 494-4506
mlee@ci.fremont.ca.us |
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| City Homebuyer Assistance Program |
For information about local first-time homebuyer assistance programs.
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