The City of Pittsburg recognizes the need to provide down payment and non-recurring closing costs assistance for persons/families to obtain affordable housing. First Time Homebuyer means a borrower(s) that has not owned a home during the last three years.
- The First Time Homebuyer Program will provide a loan up to $20,000 in down payment assistance. Non-recurring closing cost such as credit report, escrow, recording fees, title report, and title insurance may be included in the loan. However, loan may not exceed $20,000.
- The loan bears a three percent (3%) interest with a term of 30 years.
- Repayment of the loan is deferred until the property changes title or is refinanced for cash out.
- The borrower will be required to pay at least 1 percent (1%) of the purchase price and must provide evidence of pre-approval from a primary lender.
- Program eligibility will be based on income requirements.
- Borrower(s) front end ratio must be no higher than 35%.
- Borrower(s) must complete a Homebuyer Education class through a HUD certified counseling agency.
Contra Costa County Homeownership Sales Price Limits - FY 2017
For questions, please contact Melaine Venenciano at 925-252-4155 or firstname.lastname@example.org.