Home Ownership Program in fremont

FREMONT, Calif. - Jan. 15, 2014 - PRLog -- City of Fremont
Program Summary:

 Type of Assistance:
Two types of loan products: Welcome Home and Welcome to the Neighborhood

Interest Rate:None.

Assistance Amount:$40,000

Term:45 years

Payments required?Deferred.

Deferral period?45 years. Repayment at end of term, resale or refinance for cash out.

Layered Aid allowed?Yes.

City equity participation at time of sale:Based on percentage of loan to purchase price.

1st mortgage restrictions:Any CalHFA 1st mortgage is acceptable. If CalHFA product, City will subordinate to lower than 2nd position. If not a CalHFA product, it must be 30 year fixed.

List of approved lendersYes.

Purchaser Eligibility: Income Restriction:
120% of AMI

Purchaser Down Payment Requirement?1% if not using CalHFA product.

Debt-to-Income Ratio:None.

Minimum Credit Score700 FICO if not using a CalHFA product,

Education requirements:Yes. City sponsored workshop.

Live/work Requirements?Preference is given to purchasers either currently or previously living/ed in the City of Fremont or currently work in the City of Fremont.

Property Eligibility:

 Property Type:Single family, townhouse or condominium.

Purchase price limit:None.

Owner occupancy percentage in condo complexes?None.

Program Administrator:

May Lee, Housing Programs Manager
(510) 494-4506
mlee@ci.fremont.ca.us