Thu04172014

Business & Real Estate

Money available for first-time homebuyers

The Housing Trust of Santa Clara County is asking local realtors to let first-time homebuyers know that money is available to help purchase their first homes.

“We have money and we want to help,” said Dan Lachman, director of lending for The Housing Trust, at a realtor focus group from the Silicon Valley Association of Realtors in Mountain View. “There’s plenty of money for people to qualify.” Lachman discussed The Housing Trust’s homebuyer assistance programs, and sought feedback on how to more effectively provide opportunities in Mountain View. The Housing Trust plans to organize an outreach event for Mountain View residents sometime in the fall. The Housing Trust makes loans and grants to increase the supply of affordable housing, prevent homelessness and assist qualified individuals and families in buying their first homes. Lachman asked realtors to inform their clients of two programs that provide assistance to first-time homebuyers – the Closing Cost Assistance Program (CCAP) and the Mortgage Assistance Program (MAP). To qualify for either program, the household income for a four-member household may not exceed $126,000. Income for a single-member household may not exceed $88,200. CCAP is designed to help first-time homebuyers who have not owned a home in Santa Clara County in the past three years. The program provides 3 percent of the purchase price up to $15,000 toward the down payment and/or closing costs. No interest or principal payments are due during the term of the loan. The loan is due when the borrower sells the house or refinances the home, or in 30 years, with a 3 percent deferred interest rate. MAP is an amortizing 30-year second mortgage available to moderate-income first-time homebuyers. Second loans of 17 percent of the purchase price up to $85,000 are available under the program, with the interest rate at 1 percent above the interest rate of the first loan. The Housing Trust receives funds from the different cities in the county, the state’s Housing and Community Development Department, the U.S. Department of Housing and Urban Development, and local companies. Since 2001, Lachman said The Housing Trust has made 2,200 loans and helped more than 7,500 people. The Housing Trust also has a Homelessness Prevention program. For more information on The Housing Trust, its programs and program guidelines, visit www.housingtrustscc.org. The Silicon Valley Association of Realtors provided information for this article. For more information, email Rose Meily at This email address is being protected from spambots. You need JavaScript enabled to view it. .

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