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THE CITY pLEASANTONc Do"W"n Payment Assistance Program Guidelines The prograln provides financial assistance to low and Inoderate incolne first tilHe hOlne buyers in the forln of a 3 % partially deferred loan. (Please retain for your records) 1. The program is restricted to the purchase of single-family residences vvhich include condominiums, mobile homes, tovvn homes, and single units that are part of a couplet or duet, multi unit structures (duplexes, triplexes, etc.) vvhere more than 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 vvith a CalHFA-approved lender (see vvvvvv.echfa.ca.gov/lenders) at a fixed interest rate "With no negative amortization, balloon payment or adjustable rate features. 2. The program is limited to first time homoouyers. The program is available to first-time homebuyers and buyer vvho have ovvned a home in the past vvith resale restrictions through the Pleasanton Homeo"Wner Assistance Program (PHAP). Hovvever. in the event of a competing interest for funding, a priority vvill be given to first-time homebuyers. First-time homebuyer is defined as a household vvhere not more than one member of the household has held an interest in residential property provided no member of the household has been the sole ovvner of residential property. For a single head of household, the homebuyer must not have been a sole ovvner of residential property. 3. Borro"Wer 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 eaming less than 80% of the Area Median Income (AMI) shall be eligible for up to $60,000 in dovvn payment assistance. A household eaming betvveen 80% and 120% of AMI shall be eligible for up to $40,000 in dovvn 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. Borrovver must provide sufficient documentation of income to the City for use in determining the borro'-Ver'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 follovving: Household members include individuals who vvill 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 vvho are also purchasing the property. Annual household income includes the income of all household members over the age of 18 years vvho vvill be residing in the home. Annual household income includes all income for