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First-Time Home Buyers Program (FTHB)

First-Time Home Buyers Program (FTHB). Managed by the Riverside County Economic Development Agency (EDA). First-Time Home Buyer Services. Down-Payment Assistance Program Closing Cost Assistance Program. Down Payment Assistance.

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First-Time Home Buyers Program (FTHB)

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  1. First-Time Home Buyers Program (FTHB) Managed by the Riverside County Economic Development Agency (EDA)

  2. First-Time Home Buyer Services • Down-Payment Assistance Program • Closing Cost Assistance Program

  3. Down Payment Assistance • Provides assistance to lower-income persons in the purchase of their first home. • Assistance may be provided for the down payment up to 20% of the purchase price of the home. • Assistance is provided in the form of a silent second loan.

  4. Who qualifiesfor the FTHB Program? Buyer must: • Be a first-time homebuyer. • Have annual income be 80% or less of the area median income (Low-Income). • Purchase a home located in a qualifying location, and the purchase price must be within the program price limit.

  5. Closing Cost Assistance • Up to $2,000 in assistance may be provided for the non-recurring closing cost associated for a mortgage loan. • The assistance is provided in the form of a grant.

  6. Qualifying Incomes

  7. Other Buyer Requirements Buyer must: • Have sufficient income and creditworthiness to qualify for a first mortgage through one of the participating lenders. • Accept the highest loan-to-value ratio first loan for which they qualify. • Complete the minimum requirements of education in a Home Buyers’ Seminar.

  8. First Loan Terms • Fully amortized, fixed rate, 30-year mortgage and the EDA Down-Payment Assistance will be secured by a deed of trust recorded in second position to the first mortgage.

  9. FTHB Assistance Terms • In exchange for receiving funds to assist in the purchase of a home, the purchaser must agree to a 15-year affordability period. • The buyer must repay the amount of assistance if the home is sold before the end of the affordability period, unless the home is sold to a qualified, low-income, first-time home buyer, as verified by EDA staff.

  10. FTHB Assistance Terms(continued) • The minimum amount of assistance that may be provided for downpayment is $1,500 per home purchase, with a absolute maximum amount of 20% of the purchase price of the home. • The maximum of assistance provided for closing costs (non-recurring only) is $2,000.

  11. Maximum Home Price • The maximum home purchase price under the program is currently $380,000. • The appraised value and price of the property cannot exceed this limit.

  12. Eligible Properties • Permanently fixed to a permanent foundation • Minimum of two bedrooms • Currently occupied by the seller or vacant for at least 90 days (Homes with in-ground pools or spas are not eligible.)

  13. Deadlineto Apply for this Program • The county will accept reservations as long as funds are available. • Additional funds may be allocated to the Program in the future, depending upon fund availability.

  14. Approved Lenders • The County of Riverside has participating lenders, with multiple branches throughout the county and elsewhere in Southern California, to participate in the First-Time Home Buyer Program. Purchasers must use one of these lenders and are encouraged to compare prices and loan terms among these lenders.

  15. Contact Information Riverside County Economic Development Agency Home Rehabilitation & Ownership Unit FTHB Program (800) 909-0079 1325 Spruce Street, Suite 400 Riverside, CA 92507 www.rivcoeda.org

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