ECHO Housing is presenting a free 8-hour, HUD certified, First Time Home Buyer education class on Saturday, June 1, 2019 from 9 am - 5 pm. Click here for more information and to register.
ECHO Housing offers FREE one-on-one, pre-purchase counseling to residents of Alameda and Contra Costa counties or those who have applied for one of the City's homeownership programs. The counselor will examine and identify barriers to homeownership and will assist in creating an action plan with potential first time homebuyers. If you would like to see if you are ready, or would like some assistance in preparing for homeownership, this is a great first-step to take. Contact ECHO Housing to set up an appointment by calling (925) 583-5992 or by email at: Tanya@echofairhousing.org
$5,000 GRANT: 'America's Home Grant' by Bank of America will provideup to $5,000 to use towards closing costs. This is not a loan, it does not have to be paid back. For more details, please click here.
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.
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 maximum loan amount is $60,000, at 3% simple interest. The loan is divided into two notes, with the first note amortized over 10 years, the second note is deferred for 10 years and beginning in year 11 converts to an amortized loan for 10 years.
For additional information on the Mortgage Assistance programs, please contact Sarah Duval with Hello Housing at: Phone: (415) 481-3116 or by E-mail: Zoe@hellohousing.org
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 at least 4 weeks prior to the close of escrow to:
City of Livermore
c/o Hello Housing
1242 Market Street, 3rd Floor
San Francisco, CA 94102
If you or your client are existing borrowers of one of the City of Livermore's mortgage assistance programs and are interested in refinancing the first mortgage, please contact Hello Housing for information. Hello Housing facilities all Subordination requests for the City. They can be reached at email@example.com . You may also review the Subordination Terms and Conditions.
California Housing Finance Agency (CalHFA):
First Mortgages, down payment and/or closing cost assistance
Mortgage Credit Certificate Program (MCC) - Alameda County
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
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.
U.S. Department of Housing & Urban Development (HUD)
Education Classes and Workshops
First Time Homebuyer Education