City of Fresno Forgivable Deferred Payment Loan

What is City of Fresno Forgivable Deferred Payment Loan?

City of Fresno Forgivable Deferred Payment Loan is a forgivable loan for homebuyers in Fresno, California.

• 15-year forgivable deferred payment loan up to $100,000 at 0% interest for low-income families purchasing within Fresno city limits. Forgiven if buyer stays in home 15 years. Financial assistance for down payment and closing costs.
• Up to $100,000 in assistance.
• loan forgiven after required occupancy.
• Funding comes from Federal CDBG / HOME.

Do you have to pay it back?

City of Fresno Forgivable Deferred Payment Loan is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, or non-occupancy before 15 years.
• 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 Fresno Forgivable Deferred Payment Loan is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Fresno Forgivable Deferred Payment Loan 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.

What kind of home can it be used for?

City of Fresno Forgivable Deferred Payment Loan caps the purchase price at $500,000.

• Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

City of Fresno Forgivable Deferred Payment Loan serves buyers purchasing in Fresno, California.

How do you apply?

Applications for City of Fresno Forgivable Deferred Payment Loan go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 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. 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.