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City of Pleasanton <br /> <br />Second Mortgage Home Loan Program <br /> <br />Guidelines and Summary <br /> <br />The City of Pleasanton has established a Second Mortgage Home Loan Program designed to <br />assist families with moderate incomes in acquiring home ownership. This document summarizes <br />the main features of the program. Specific requirements are stated in City regulatory agreements <br />described later in this summary. Program guidelines are subject to change and/or interpretation <br />by the Pleasanton City Council and/or the City Manager. <br /> <br />· Purpose of the Program <br /> <br />The City of Pleasanton has established a Second Mortgage Home Loan Program which <br />is designed to provide financial assistance in the form of a second mortgage loan with <br />deferred and/or below market interest payments to supplement financing, including <br />supplemental down payment assistance, needed to acquire a home loan. The total second <br />mortgage loan available from the City may not exceed 20% of the value of the residence <br />at the time of its sale. It is hoped that this financial assistance will enable persons who <br />would not otherwise qualify for home ownership to do so. The assistance is restricted <br />to certain residences preapproved by the City. <br /> <br />· Basic Program Outline <br /> <br />First, the City identifies the specific residence(s) for inclusion in the program. After all <br />details have been resolved with the project's developer, the City Council approves the <br />assistance levels and in most cases secures the services of a program administrator <br />company to advertise and assist in processing loan applications and regulatory documents. <br />As a result, all loan applications and information will be provided by a marketing agent <br />and not directly from the City. <br /> <br />Second, as part of the marketing process, applications will be accepted by the program <br />administrator agent and individuals will be placed in preference categories as outlined in <br />this document. Following the weighing of preferences, applicants will be selected and <br />offered an opportunity to purchase the property. All persons interested in participating <br />in the program will be required to complete an application and submit financial <br />information for income verification. There is a $25.00 application fee that must be paid <br />with submittal of any application. <br /> <br /> <br />