Community Development Department

Housing and Human Services

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Mortgage Assistance

 

 Announcements

  • NEW! ECHO Housing provides homebuyer counseling and free education classes for residents and future residents of Pleasanton or Livermore . Please see the flyer for more information.
  • City of Livermore Mortgage Assistance Program  (MAP). Under this program the City will provide a loan for up to $60,000 at 3% interest to first time home buyers purchasing a home in Livermore. Income limits: 120% of the area median income (Moderate-income) . The funds may be used for additional down payment and/or closing costs.

Mortgage Assistance

The City of Livermore's Mortgage Assistance Programs provide a second mortgage loan for first time homebuyers who desire to live in the City of Livermore. The program is administered through the Housing and Human Services Division which works to maintain and expand housing opportunities for low and moderate-income households throughout the City. Purchasing a home in the City of Livermore is a wonderful choice. Livermore is a community that cares about maintaining the character of its neighborhoods and enhancing the quality of life of its citizens.

If you would like to be notified of future affordable homeownership programs and opportunities, please add your contact information to the Affordable Housing Interest List. For additional information on the Mortgage Assistance programs, please contact the City's Housing Division at 925-960-4580 or by email at housing@cityoflivermore.net.

 

City of Livermore Mortgage Assistance Program (MAP)

The MAP provides mortgage and closing cost assistance for up-to moderate-income (120% AMI), first-time homebuyers purchasing a home in Livermore. The City MAP loan is for up to $60,000, at 3% simple interest.

How to Apply:

1)     Review Program Guidelines and Income Limits for eligibility requirements
2)     Complete an Application. Please be sure to attach all required documentation
3)     Submit the Application to the City of Livermore, Housing & Human Services Division either before looking for a home or at least 4 weeks prior to the close of escrow.

Loan Documents

Subordinations

If you or your client are existing City of Livermore borrowers and are interested in refinancing your first mortgage would like to request that the City subordinate their loan(s) to new first mortgage loan, please review the Subordination Terms and Conditions and then contact Hello Housing at: joey@hellohousing.org .

Additional Financial Assistance Programs

California Housing Finance Agency (CalHFA):
Website: http://www.calhfa.ca.gov/homebuyer/programs/index.htm
First Mortgages, down payment and/or closing cost assistance

Mortgage Credit Certificate Program (MCC) - Alameda County
Website: http://www.acgov.org/cda/hcd/homeownership/mccprogram/index.htm  
Mortgage Credit Certificate Program (MCC) This program provides first-time homebuyers with a federal income tax credit which increases their ability to qualify for a mortgage. The amount of the tax credit is equal to 10% or 15% of the homebuyer’s annual mortgage interest paid. The credit is taken annually as a dollar-for-dollar credit against the homeowner's federal income tax liability. This program is administered through Alameda County Community Development Department.

WISH & IDEA Programs
Down Payment Assistance – Both the WISH and IDEA programs provide a three-to-one match to down payment funds a homebuyer deposits toward purchase of a home, up to $15,000. The match is a forgivable loan. If the home is sold or refinanced the home before the end of a five-year “retention period,” a pro rata portion of the loan must be repaid; otherwise, at five years the loan is forgiven.

Down payment requirement - The WISH program requires that at least 1% of the home purchase price come from the buyer directly. The WISH program allows the buyer to obtain the $5,000 applied towards the $15,000 FHLB match to come from any source. In contrast, since the objective of the IDEA program is to encourage and reward savings toward a down payment, buyers are required to accumulate personal savings of at least $5,000 to able to use the maximum 3-to-1 matching loan of $15,000. Also, as with most loans, there will be closing costs associated with the loan and purchase of a property. The buyer should expect to pay between 2% to 3% of the property purchase price in closing costs.


HUD’s Section 8 Homeownership Voucher Program
Website: http://www.hud.gov/offices/pih/programs/hcv/homeownership 

Mortgage Assistance for Section 8 Voucher holders: If you are currently a participant in the Housing Choice Voucher program (Section 8) and receive rental assistance, your voucher may be used to assist with the purchase of a home. You may receive monthly assistance in meeting homeownership expenses. Please contact the Livermore Housing Authority (925) 447-3600 or visit their website at http://www.livermorehousingauthority.com.

 

Additional Resources

U.S. Department of Housing & Urban Development (HUD)
Website: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA  

Bay East Association of Realtors

Website: https://bayeast.org/

Mortgage Calculator
Website:http://http://www.mortgagecalculator.org

Education Classes and Workshops
First Time Homebuyer Education