At Last Pleasanton’s First Time Home Buyer Program- Part 1 Down Payment Assistance

At Last Pleasanton’s First Time Home Buyer Program- Part 1 Down Payment Assistance

interest_dice.jpgWe all know it’s a roll of the dice getting the BEST DEAL possible when purchasing a home for the first time.  On the brokers end, it’s a roll of the dice for us as well, in regards to if we can qualify our clients for First time Home Buyer programs.   I have taken the liberty to research surrounding community lending programs to answer some of the questions I had when purchasing my first home, and decided to share them with you in part one of this series.

The main question I hear from individuals who are just starting out and trying to decide where they want to spread their roots is, “What First Time Home Buyer programs are out there?”   My answer always is, “It just depends what city you live in.”  With that in mind, part one in the series of information for First Time Home Buyers is down payment assistance in Pleasanton.   As one of the most desirable places to live in the Bay Area because of the amazing school districts, fantastic job market, and the opportunity to raise your children in a close knit community, Pleasanton has been making it easier for entry level homeowners to purchase their first home.   Like I stated before, each city offers separate programs, so each week I will break down different cities in the Bay Area and what a first time home buyer may qualify for.

Pleasanton’s second mortgage highlights include:

3.5% Interest Rate

Loan amounts of $40,000-60,000 up to 20% of the purchase price

Multiple loan layers allowed

20yr terms

So what does it take to qualify to borrow money at 3.5% interest rate? The Assistance is based off a percentage of the Area Median Income set by the City Of Pleasanton.  Debt to Income (amount of outgoing expenses in proportion of incoming monies), and finally a priority is given for a live/work situation in Pleasanton. 

After all is said and done Pleasanton is doing an excellent job maximizing the program.  As residential loan guidelines become more stringent by lenders, Pleasanton’s program is a nice substitute for First Time Homebuyers.   Stay tuned for your city in next weeks First Time Home Buyer’s Crash Course.

Subscribe to our daily mortgage market emails.

Have a Question?

Legal Disclaimer
Or give us a call
925-484-5363