First-Time Home Buyer Assistance: Part 2- City of Livermore First-time Home Buyer Down Payment Assistance Program

First-Time Home Buyer Assistance: Part 2- City of Livermore First-time Home Buyer Down Payment Assistance Program

istock_000000168761_l1.jpg ”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.

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