City of Riverbank First Time Home Buyers Program

What is City of Riverbank First Time Home Buyers Program?

City of Riverbank First Time Home Buyers Program is a deferred second loan for homebuyers in Riverbank, California.

• Gap-financing deferred loan to bridge what borrower can afford and home price; FHA / USDA RD / Fannie Mae / Freddie Mac / CalHFA compatible.
• Gap-finance deferred loan for first-time homebuyers in City of Riverbank (Stanislaus County). HCD CDBG/HOME-funded program supporting low- to very-low-income households.
• Funding comes from HCD (CDBG, HOME).

Do you have to pay it back?

City of Riverbank First Time Home Buyers 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, refinance, or change of primary residence.
• 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 Riverbank First Time Home Buyers Program 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 Riverbank First Time Home Buyers Program sets its income limit as follows: Per HCD CDBG and HOME income limits, updated annually. Based on household size and combined income.

• Per HCD CDBG and HOME income limits, updated annually. Based on household size and combined income.
• The limit applies to total household income, not only the borrower’s.
• 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 Riverbank First Time Home Buyers Program can be used for Single-family, Condo, Townhouse, Manufactured (real property).

• Manufactured homes are eligible.

Where does it apply?

City of Riverbank First Time Home Buyers Program serves buyers purchasing in Riverbank, California.

How do you apply?

Applications for City of Riverbank First Time Home Buyers Program 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, through Required - HUD-approved homebuyer education.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider 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.