Housing Opportunities Program
City of Newark
Program Summary:
| Type of Assistance: |
Loan |
Interest Rate: |
3% amortized over 30 years. |
Assistance Amount: |
Up to $60,000 |
Term: |
35 years. |
Payments required? |
Yes, following five-year deferral period |
Deferral period? |
Yes. Payments and interest deferred for first five years. |
Layered Aid Allowed? |
Yes. |
City equity participation at time of sale: |
Yes. Seller pays City a share of the appreciation based on the proportion of the City's loan to the original purchase price. |
1st mortgage restrictions: |
30 year fixed or CalHFA interest only products. |
List of approved lenders: |
No. |
Purchaser Eligibility:
| Income Restriction: |
80% of AMI |
Purchaser Down Payment Requirement: |
3% of purchase price |
Debt-to-Income Ratio: |
45% back end. |
Education requirements: |
Yes. Homebuyer education certificate required. |
Live/work Requirements: |
Preference given to purchasers who live or work in Newark or have immediate family in Newark. |
Minimum Credit Score: |
620 FICO |
Property Eligibility:
| Property Type: |
Single family, condos and town homes. |
Purchase price limit: |
None. |
Owner occupancy percentage in condo complexes? |
Contingent on 1st mortgage lender approval. |
Program Administrator: |
Maytrella Guevara
(415) 561-5600 x110
may@myhomegateway.com |
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| City Homebuyer Assistance Program |
For information about local first-time homebuyer assistance programs.
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