Housing Opportunities Program
City of Livermore
Program Summary
| Type of Assistance: |
Loan |
Interest Rate: |
3%, simple |
Assistance Amount: |
Households earning 80% of the AMI are eligible for up to $60,000. Households earning between 80% and 120% are eligible for up to $40,000. Loans limited to 20% of the purchase price. |
Term: |
30 years |
Payments required? |
At time of sale, end of term or refinancing for cash out |
Deferral period? |
Yes. 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 |
Yes. |
Applicant Eligibility
| Income Restriction: |
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 |
Property Eligibility:
| Property Type: |
Homes purchased must be single-family residences. This includes condominiums, townhouses, 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: |
Milly Seibel, Housing Specialist
1052 South Livermore Avenue
Livermore, CA 94550
(925) 960-4580
TDD (925) 960-4104 |
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| City Homebuyer Assistance Program |
For information about local first-time homebuyer assistance programs.
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