San Jose Down Payment Assistance
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San Jose Down Payment Assistance Lender
As a direct San Jose Mortgage Lender, Capital Home Mortgage San Jose is a San Jose Down Payment Assistance Program Lender offering San Jose Down Payment Assistance Programs. As the San Jose Mortgage Company we manage the entire lending process from start to finish. With in-house processing and underwriting, we provide quick, common-sense approvals and timely closings.
Give us a call today at (888) 620-7744 to speak with one of our knowledgeable San Jose Loan Officers and get started on your path to homeownership!
San Jose's First-Time Homebuyer Program
San Jose offers various programs to support first-time homebuyers, particularly in addressing the challenges of high housing costs in the region. Below is an overview of key initiatives:
Empower Homebuyers SCC Program
- Overview:
- Provides loans of up to 30% of the home’s purchase price for down payment assistance.
- Eligibility:
- First-time homebuyers in Santa Clara County.
- Must meet income limits and other program criteria.
- Requirements:
- Completion of an 8-hour HUD-certified homebuyer education course.
- Use the home as a primary residence.
- Loan Details:
- Deferred payment until the property is sold, refinanced, or paid off.
- Covers single-family homes, condos, or apartments (excluding duplexes or manufactured homes)
Homebuyer Empowerment Loan Program (HELP)
- Overview: Targets households with incomes slightly above limits for other assistance programs, offering loans up to 10% of the purchase price.
- Loan Details:
- Deferred payment structure similar to Empower Homebuyers SCC.
- Designed to fill funding gaps for middle-income buyers
Measure A-Funded Assistance
- Funding Source: A $950 million housing bond approved by voters.
- Support Available:
- Zero-interest, deferred-payment loans.
- Helps buyers cover portions of their down payment.
- Unique Features: Funds are reinvested as loans are repaid, enabling sustained assistance for future buyers.
General Requirements Across Programs
- Must be a first-time homebuyer (defined as not owning a home in the past three years).
- Meet specific income thresholds based on household size.
- Participate in approved homebuyer education programs.
- Commit to living in the purchased home as a primary residence.
Important Considerations
- Limited Funding: MAP funds are often allocated on a first-come, first-served basis, so early application is critical.
- Shared Appreciation: Repayment terms may limit financial gains if the home appreciates significantly.
- Residency Requirement: Borrowers must use the property as their primary residence.
For further details and application steps, visit the Housing Trust Silicon Valley or reach out to our San Jose Team for assistance.
San Jose Mortgage Team
Why san jose is Choosing Capital Home Mortgage
Close On Time
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Direct Lender with Competitive Rates & Fees
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