Fresno Down Payment Assistance Programs
Helping Fresno Achieve homeOwnership
Fresno Down Payment Assistance Programs
Helping Fresno Achieve homeOwnership
Fresno’s First-Time Homebuyer Program
The First-Time Homebuyer Program in Fresno offers assistance to low- and moderate-income individuals and families looking to purchase their first home within the city limits. The program is typically administered by the City of Fresno Housing Division and aims to make homeownership more accessible by providing financial assistance for down payments, closing costs, or both.
Key Features of the Fresno’s First-Time Homebuyer Program
- Down Payment Assistance:
- Provides a loan to help cover down payment costs.
- Loan amounts typically range up to $50,000, depending on household income and property location.
- Deferred Payment Loan:
- Assistance is offered as a deferred loan with no monthly payments required while the homeowner occupies the home as their primary residence.
- Repayment is due when the home is sold, refinanced, or ceases to be the primary residence.
- Closing Cost Assistance:
- Some assistance may also be available to cover closing costs, reducing the financial burden of purchasing a home.
Eligibility Requirements
- First-Time Homebuyer:
- Applicants must not have owned a home in the past three years.
- Income Limits:
- Household income must not exceed 80% of the Area Median Income (AMI) for the Fresno area.
- Income limits are adjusted based on household size.
- Creditworthiness:
- Applicants must demonstrate the ability to qualify for a first mortgage and maintain stable housing payments.
- Primary Residence:
- The home must be the applicant’s primary residence.
- Homebuyer Education:
- Completion of a HUD-approved homebuyer education course is required.
- Asset Limits:
- Applicants must not exceed asset limits, ensuring assistance targets those in financial need.
Eligibile Properties
- Property Location:
- Must be within the City of Fresno limits.
- Property Types:
- Single-family homes, condominiums, or townhomes.
- Purchase Price Limits:
- The home’s purchase price must fall below program-defined limits, updated annually.
Application Process
- Pre-Screening:
- Complete an eligibility pre-screening through the City of Fresno Housing Division or a participating agency.
- Homebuyer Education:
- Enroll in and complete a homebuyer education course to learn about responsibilities and benefits of homeownership.
- Work with a Participating Lender:
- Obtain pre-approval for a primary mortgage through a program-approved lender.
- Submit an Application:
- Submit your application for assistance after identifying an eligible property.
- Verification and Approval:
- Fresno’s Housing Division reviews applications and provides final approval.
Program Benefits
- Reduces upfront costs for low- and moderate-income homebuyers.
- Offers flexible repayment terms with no immediate financial burden.
- Helps families and individuals achieve long-term housing stability.
Important Considerations
- Limited Funding: Assistance is provided on a first-come, first-served basis and may be subject to funding availability.
- Repayment Terms: Borrowers should understand the deferred loan terms, including repayment triggers like sale or refinancing.
- Affordability Covenants: Some homes purchased with assistance may have resale restrictions to ensure long-term affordability.
For the most up-to-date information on Fresno’s First-Time Homebuyer Program, including income limits, purchase price caps, and application deadlines, visit the City of Fresno Housing Division website or contact their office directly.
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