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City of Cupertino Below Market Rate Homeownership Program

Cupertino, California

Last verified
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Income limit

120% AMI

Of area median income; varies by county and household size

What is City of Cupertino Below Market Rate Homeownership Program?

City of Cupertino Below Market Rate Homeownership Program is down payment assistance for homebuyers in Cupertino, California.

  • Cupertino BMR homeownership program with deferred assistance for first-time homebuyers. Restricted resale, 0% deferred loan.
  • Up to $200,000 in assistance.
  • no monthly payments on DPA.
  • Funding comes from Inclusionary fees.

Do you have to pay it back?

City of Cupertino Below Market Rate Homeownership Program is down payment assistance and is repaid under the terms set by the administering agency.

  • Repayment is triggered by Sale or transfer.
  • The assistance is recorded in Second position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Cupertino Below Market Rate Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • On credit: Minimum 640 FICO score required for all borrowers
  • A completed homebuyer education course
  • Residency: Must occupy as primary residence
  • Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen

The program excludes

  • Manufactured homes
  • Households above 120% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

City of Cupertino Below Market Rate Homeownership Program limits household income to 120% of the area median income, which varies by county and household size.

  • Low to moderate income: household income ≤120% AMI.
  • The limit applies to total household income, not only the borrower’s.
  • The program lists a maximum household size of 8.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Cupertino Below Market Rate Homeownership Program caps the purchase price as follows: Contact program for current purchase price limits.

  • Eligible property types include Single-family (1-2 unit), conventional condominium, townhome, PUD.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

City of Cupertino Below Market Rate Homeownership Program serves buyers purchasing in Cupertino, California.

How do you apply?

Applications for City of Cupertino Below Market Rate Homeownership Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program before funds are reserved.

  2. Contact the administering agency to reserve funds

    Funds are reserved through Contact provider directly; subject to funding availability, and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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