Dublin
City of Dublin
Program Summary:
| Type of Assistance: | Loan for down payment and/or closing cost assistance. |
Interest Rate: |
3.5%, fixed, simple. |
Assistance Amount: |
Capable of offering up to 10% of the purchase price for a Market Rate home, and up to 15% of the purchase price for a Below Market Rate home, with a $40,000 maximum loan amount for both Market Rate and Below Market Rate homes. |
Term: |
30 years |
Payments required? |
Deferred. |
Deferral period? |
30 years or until sale of residence; payoff or refinance of first mortgage (for Market Rate homes only); or upon the formal filing and recording of a Notice of Default. |
Layered Aid Allowed? |
May be acceptable, provided that the other loans do not reduce the security of the City’s funds. Examples of such layered financing are down payment loans along with primary loans provided by CalHFA. |
City equity participation at time of sale: |
Upon sale of the Property, repayment of the Loan, or the occurrence of any Default Event, Borrower(s) shall pay to City, in addition to the repayment of the Loan Principal, the greater of the following: (i) fixed interest rate set at the time the Loan was made or (ii) an Equity Share based on the amount of the City’s Loan in proportion to the value of the property, less the purchase price paid by the Borrower(s) at the time the Property was purchased. Program participants using the assistance to purchase Below Market Rate units are exempt from sharing any equity with the City. Program participants using the assistance to purchase “below market rate” resale-restricted units are exempt from sharing any equity with the city. |
1st mortgage restrictions: |
May be coupled with a private fixed mortgage of up to 30 years or any CalHFA products. The specifics of the primary loan products will be reviewed on a case-by-case basis to determine if the overall financing provides the City with adequate security to support a City Loan, and meets City criteria. |
List of approved lenders: |
None. |
Purchaser Eligibility:
Income Restriction: |
Area Median Income (AMI) Limits up to one hundred twenty percent (120%) for loans paired with conventional mortgage loan; Area Median Income (AMI) Limits up to one fifteen percent (115%) for loans paired with a mortgage loan that is insured by the Federal Housing Administration (FHA loans). |
Purchaser Down Payment Requirement? |
3.5% of purchase price. |
Debt-to-Income Ratio: |
45% of purchasers total income. |
Education requirements: |
Must successfully complete a City-Approved First Time Homebuyer training program before the close of escrow. Certificate Completion Date must be within six months of close of escrow. |
Live/work Requirements? |
Preference is given to Applicants who live or work in Dublin; Public Service Employees employed with any public agency that is situated within the City; senior citizens (62+); the permanently disabled; those who must relocate as the result of the demolition of their homes or condominium conversion; and/or those who are purchasing a foreclosed/Real Estate Owned (REO) home. |
Minimum Credit Score: |
620 average of three scores. |
Property Eligibility:
| Property Type: | Single family or single unit residence. |
Owner occupancy percentage in condo complexes? |
NA |
Program Administrator: |
Housing Specialist: John Lucero |
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