The Homebuyer Assistance Program provides assistance to eligible first-time home buyers in the form of low interest loans. Assistance is provided in the form of "gap" financing.
Program Requirements and Guidelines
Borrower(s) shall have incomes at or below 80 percent of the Stanislaus County Area Median Income , adjusted for household size, as published annually by the US Department of Housing and Urban Development.
Borrower(s) must acquire a private market first mortgage.
Gap financing shall not exceed $60,000. Any financing approved in excess of $50,000 will require council approval.
Up to 5 percent of the assistance provided may be used to pay non-recurring closing costs.