04/23/2024 | Press release | Distributed by Public on 04/23/2024 16:58
Apply to two programs for no-interest, shared appreciation loans to help you buy a home in California and Alameda County. Deadlines to apply are April 29 and May 15.
Prospective first-time home buyers can apply for two separate no-interest down payment loan programs, the first of which has a statewide April 29 deadline for up to $150,000.
Those first-time buyers who live, work in, or have been displaced from Alameda County can also apply for a down payment loan of up to $210,000, the county deadline for which is May 15.
If a member of the household is an EMT, firefighter, police officer, or works in schools or daycare facilities in Alameda County, you have improved odds to get a loan from the county program.
See if you meet the income requirements:
Both loans are zero-interest and require no payment during the loan term or until the house is sold, at which time owners will repay the full loan amount along with a share of the increase in home value.
The state program - known as California Dream for All - requires that applicants talk to an approved lender in order to get a pre-approval letter and register for a voucher by 5 pm on April 29.
First, see if you are eligible:
Then reach out to an approved lender to request a pre-approval letter. Lenders in Berkeley include:
Once you have a pre-approval letter, apply for a Dream for All voucher online by April 29.
If eligible, you will be entered in a random lottery for a loan of up to 20% for down payment or closing costs, not to exceed $150,000.
Watch a video for more details about applying.
You can apply to the county program - known as AC Boost - entirely online without reaching out to a lender.
First, see if your household meets the requirements:
Then complete your online pre-application by May 15, 2024.
Eligible pre-applications will be entered into a lottery and will be sent an email with a lottery number.
Attend an optional online roundtable to learn more about application and eligibility:
AC Boost Virtual Roundtable
May 1, 2024, 6:00 - 7:30 pm
Register
If your lottery number is selected, you will:
Eligible applicants will receive conditional approval and will have an initial 120 days to shop for a home.
No payments will be due during the term of the loan, making your mortgage payment affordable. At the end of the 30-year loan term (or earlier, if you choose to sell or move out), you will repay the full loan, plus an additional amount based on the increase in property value.
First-time homebuyers can apply for both programs to receive down payment assistance:
For questions about California Dream for All, call (877) 922-5432 and for Alameda County Boost, call (510) 500-8840.