Housing Opportunities Program
City of San Leandro
Program Summary:
| Type of Assistance: |
Second Mortgage |
Interest Rate: |
3% |
Assistance Amount: |
$30,000 |
Term: |
20 years |
Payments required? |
Yes, but deferred for first 5 years. Low income homebuyers have option to defer repayment until sale, transfer, refinancing or rental conversion. |
Deferral period? |
First 5 years. |
Layered Aid Allowed? |
Yes. City offers WISH Program, which provides matching funds up to $15K for low income homebuyers |
City equity participation at time of sale: |
None |
1st mortgage restrictions: |
Fixed interest rate product with no neg. amortization or balloon payments. |
List of approved lenders |
NA |
Purchaser Eligibility:
| Income Restriction: |
120% of AMI |
Purchaser Down Payment Requirement? |
Yes. At least 3% of the purchase price. |
Debt-to-Income Ratio: |
Flexible, but City loan approval based on affordable housing cost defined by State Redevelopment Law. |
Education requirements: |
City offers regular homebuyer education workshops. |
Live/work Requirements? |
Yes. Priority given to homebuyers living/working in San Leandro in last 2 years. |
Property Eligibility:
| Property Type: |
Single-family detached, condominium, and townhouse units |
Purchase price limit: |
None |
Owner occupancy percentage in condo complexes? |
NA |
Program Administrator: |
Calvin Whitaker
Phone: (510) 577-6001
E-Mail: cwhitaker@ci.san-leandro.ca.us
Website: www.ci.san-leandro.ca.us |
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| City Homebuyer Assistance Program |
For information about local first-time homebuyer assistance programs.
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