Housing Opportunities Program
City of Hayward
Program Summary:
| Type of Assistance: |
Second Mortgage |
Interest Rate: |
Based on FHLB's 11th District COFI |
Assistance Amount: |
$20,000 |
Term: |
30 years |
Payments required? |
Yes |
Deferral period? |
None |
Layered Aid Allowed? |
Yes |
City equity participation at time of sale: |
Repayable outstanding debt only |
1st mortgage: |
Fixed interest rate product with no neg. amortization or balloon payments |
List of approved lenders |
Yes. |
Purchaser Eligibility:
| Income Restriction: |
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 or CalHF's approved if using CalHFA loan |
Education requirements: |
Yes. From list of City's approved organizations |
Live/work Requirements? |
No |
Minimum Credit Score: |
City typically follows CalHFA guidelines. |
Property Eligibility:
| Property Type: |
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: |
$400,000 |
Owner occupancy percentage in condo complexes? |
No. |
Program Administrator: |
Omar Cortez
Phone: (510) 583-4245
E-mail: Omar.cortez@hayward-ca.gov
Website: www.hayward-ca.gov |
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| City Homebuyer Assistance Program |
For information about local first-time homebuyer assistance programs.
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