Alameda Down Payment Assistance



Down Payment Assistance

This is a great Down Payment Assistant program made available by the Alameda Development Services Department. Long story short, it’s a junior loan that allows you to put $35,000-$50,000 towards your purchase. The funds are available (based on income) to first time home buyers. There are some requirements, so please read on. If at any point you have questions feel free to contact me or the City of Alameda.

It is very possible to receive Down Payment Assistance, if for whatever reason, you don’t qualify for the Alameda program there are other Down Payment Assistance programs in California that I can help you find.

It is a loan that can be paid over 15 years, but it’s from the City of Alameda and will allow you to get into a great home. The funds are limited, but last I heard there are some available.

Individual Eligibility

In order to be eligible for this program:

-Be a First Time Homebuyer, which is defined as someone who has not owned/purchased a home in the last three years.

-You have to attend a Homebuyer Workshop, submit an application, and qualify according to income guidelines

-You must occupy the home after you purchase it.

-You must have somewhat decent credit (See “Bad Credit…Is It Really That Bad?“).

Property Eligibility

The property you purchase MUST BE:

- A single family residence (Condominiums, townhouses and co-ops are okay).

- Purchased with at least 1% of your own funds. Meaning any money that you have already been saving up to put towards a down payment or closing costs.

Questions?

If you would like to see if you qualify, give me a call on my cell (714)244-7368, email me at ChrisA@BroadviewMortgageCorp.com,  or click the “Contact” button to the right.

To see the brochure Click Here.