04/04/2024 | Press release | Distributed by Public on 04/04/2024 18:11
The final application period is now open until May 15 for Alameda County Boost Down Payment Assistance Program loans to assist first-time homebuyers in the County.
To be eligible for AC Boost down payment assistance loans-funded through the Alameda County Measure A1 Housing Bond program-buyers must currently live or work in Alameda County or have been displaced from a home in Alameda County in the last 10 years. A preference is available for First Responders and Educators, including licensed childcare providers.
Loan limits are $210,000 for households that earn less than 100 percent of Area Median Income (AMI) and $160,000 for households that earn between 100 percent and 120 percent of AMI based on household size in Alameda County. Loans are shared-appreciation loans, with no interest and no monthly payments. Eligible buyers must be qualified for a first mortgage from a participating lender and must not have owned a principal residence in the past three years.
Interested homebuyers are encouraged to submit a pre-application at www.ACBoost.org by May 15 to enter a lottery. Additional program information is also available at www.ACBoost.org.
Following the lottery, applicants will be invited to attend a mandatory program in rank order. After the workshop, attendees can submit a full application, along with the required supporting documentation, for review against the program's eligibility requirements. Once approved, applicants can then start looking for a home.