First Time Home Buyer Programs for Santa Clara County

Need assistance purchasing a home? Well if you are a first-time home buyer and meet the income and eligibility requirements the Housing Trust of Santa Clara County is offering some great programs. These are low interest second loan programs designed to assist first-time home buyers in purchasing a home. The qualifying factors are based on household income and household size. These programs can some times help avoid the need to have mortgage insurance. The Housing Trust of Santa Clara County offers four programs and only one program can be utilized per transaction. The programs include; Closing Cost Assistance Program (CCAP) which is a loan of 3% of the purchase price of up to $15,000. the repayment is 3% simple interest deferred for 30 years (or until sold). The Equity Share Co-Investment (ESCO) is a program where the buyer's down-payment is matched by the loan program with a minimum down-payment of 5% with the maximum amount up to $75,000. The Mortgage Assistance Program (MAP) is a second loan from 17% of the purchase price up to $85,000. The loan is amortized over 30 years. The fourth program is the Down-Payment Assistance Program (DAP) which is a loan amount of $25,000 and repayment is deferred for 5 years, repayment starting in year six. Take a look at the Housing Trust of Santa Clara County's website for more information (housingtrustscc.org).