RES 03110 - Laserfiche WebLink

THE CITY OF Exhibit One pLrr. AS&NTON Down Payment Assistance Program Guidelines The program provides financial assistance to low and moderate income first time home buyers in the form of a 3% partially deferred loan. (Please retain for your records) 1. The program is restricted to the purchase of single-family residences which include condominiums, mobile homes, town homes, and single units that are part of a couplet or duet, multi unit structures (duplexes, triplexes, etc.) where more then one unit is being purchased but not eligible. Homes purchased must be located in the City of Pleasanton. The homebuyer is responsible for obtaining a first mortgage at a fixed interest rate with no negative amortization, balloon payment or adjustable rate features. 2. The program is limited to first-time homebuyers. First-time homebuyer is defined as a household where not more then one member of the household has held an interest in residential property provided no member of the household has been the sole owner of residential properly. For a single head of household, the homebuyer must not have been a sole owner of residential properly. 3. Borrower must meet the income eligibility limits set by the program in order to qualify for City assistance. Maximum loan amounts are determined by household size and income. Households earning less than 80% of the Ama Median Income (AMI) shall be eligible for up to $60,000 in down payment assistance. A household earning between 80% and 120% of AMI shall be eligible for up to $40,000 in down payment assistance. Maximum income limits are adjusted for household size. Loan amounts are further limited to a maximum of 20% of the total purchase price. Borrower must provide sufficient documentation of income to the City for use in determining the borrower's income level. Final determination of an applicant's income level and program eligibility shall be the sole discretion of the City. Total Household Income means the total income of all residents of the household based on the following: Household members include individuals who will be living in the affordable home including the head of household, spouse, children, or others listed, as dependents on federal tax forms, extended family members, and other adults who are also purchasing the property. Annual household income includes the income of all household members over the age of 18 years who will be residing in the home. Annual household income includes all income for the current calendar year to date (at the time of application submittal) plus the household's anticipated annual household income for the remainder of the current calendar year. In the event a household, and/or a household member, recently experienced a significant increase in monthly income, generally defined as an increase of 20%, annual household income will be