July 27, 2012
Concord offers homebuyer assistance program
The City of Concord’s First Time Homebuyer Program is back after a year-long hiatus. The program provides down-payment assistance of between $20,000 to $40,000 toward the purchase of a home or condominium within the City of Concord, depending on the homebuyer’s income level.
Participants provide a 3 percent down payment, with the maximum loan amount set at 20 percent of the home’s sales price, up to $40,000. The City’s FTHB loan is a zero interest, 15-year loan. Loan payments are deferred, with the loan being due at the end of the 15-year period or earlier if the house is sold.
Funding for this opportunity is quite limited and being provided on a first come, first-served basis, based on completed applications received. For an application, checklist of requirements, preferred lender list and additional information, visit the Homebricks website at www.homebricks.com/cityofconcord. Homebricks is the City’s program administrator.
The City now also has State Begin Funds available to provide low-or-moderate-income First Time Homebuyers with assistance in purchasing a home in the new Wisteria Development on Willow Pass Road at Pt. Chicago Highway. Funding is available to provide $30,000 down payment assistance for three homes in the development.
In addition, the Wisteria project currently has two below-market rate units available for $315,000, one newly built and one soon to be under construction. Purchase of the below market rate homes is based on eligibility with income levels of no more that 120% of area median income. For example, a household of four making up to $112,200 a year would qualify for the program. The down payment assistance can also be used in coordination with this program. If you are interested in this opportunity, please see the Wisteria website at www.wisteriaconcord.com/bmr.php and then submit your application through Homebricks. Application materials can be found at www.homebricks.com/cityofconcord.
To be considered for either loan program, residents must attend a HUD-Certified First Time Homebuyer class. The City of Concord sponsors certified classes with the next class scheduled August 25 at Centre Concord, 5296 Clayton Road. Visit www.crediteducation.org to sign up for classes. For more information, contact Senior Planner Joan Ryan, (925) 671-3370 or by email email@example.com.