City of Elk Grove First-Time Homebuyer Assistance Program

City of Elk Grove First-Time Homebuyer Assistance Program is a deferred second loan for homebuyers in Elk Grove, California. Low-interest deferred-payment loan up to $59,650 for down payment and closing costs. Income at or below 80% AMI. Must complete 8-hour HUD homebuyer education through NeighborWorks Sacramento. Purchase within Elk Grove city limits. Up to $59,650 in assistance. no monthly payments on DPA. Funding comes from State CalHome / Federal HOME.

City of Elk Grove First-Time Homebuyer Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, transfer, or non-occupancy. 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.

City of Elk Grove First-Time Homebuyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Contact lender for current credit score requirements. A homebuyer education course is required, through HUD-approved homebuyer counseling. Residency requirement: Purchase within City of Elk Grove. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. Must purchase in Elk Grove; income ≤80% Sacramento County AMI; deferred 0% loan; repaid at sale/refi.

City of Elk Grove First-Time Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Low income: household income ≤80% of Area Median Income (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.

City of Elk Grove First-Time Homebuyer Assistance Program caps the purchase price at $600,000. Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD. New construction is eligible. Manufactured homes are not eligible.

City of Elk Grove First-Time Homebuyer Assistance Program serves homebuyers purchasing in Elk Grove, California.

Applications for City of Elk Grove First-Time Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Contact provider directly; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.