”What First Time Home Buyer programs are available right now?” My answer in part two of this series, just as it was in part one is, “It just depends what city you live in.” Let’s say, however, that you live in Livermore, CA. This city has done a fantastic job bringing their community a great First-time home buyer program enabling Livermore to put key’s in homebuyer’s hands. Livermore’s Down Payment Assistance Program may be one of the quickest programs to qualify homebuyers with a 10 day close; making it very desirable for us brokers to work with.
Highlights Include:
LOW 3% Interest Rate
30yr term
No Pre-Payment penalties
Deferral Period- 30 years or time of sale or refi
NO city equity participation
43% DTI allowed (CLICK HERE) for DTI Explanation
NO Live/Work requirement like surrounding area programs
Loan can be used with CALHFA finance programs
Livermore has truly created a program that is both buyer friendly and extremely useful for Real Estate Consultants. Applicants are judged on income guidelines set forth by the city and with a max loan amount of $30,000. Where else can you borrow money with deferred payments for up to 30 years at a 3% interest rate??? It is important to work with a well qualified individual “My shameless plug” that has experience with city financing. Feel free to call me with any questions or concerns you may have.
