City of Watsonville First Time Homebuyers

City of Watsonville First Time Homebuyers is a deferred second loan for homebuyers in Watsonville, California. 30-year 1% simple-interest deferred loan. Repayment due at sale or refinance. Deferred-payment loan at 1% simple interest for low- to above-moderate-income first-time homebuyers in Watsonville. 30-year deferral. Funding comes from City of Watsonville Housing Funds.

City of Watsonville First Time Homebuyers 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 end of 30-year term. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Watsonville First Time Homebuyers 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. A homebuyer education course is required, through Required - City-approved homebuyer education. Sourced via Homebuyer Wallet (CA260130). 3-year FTHB lookback. Borrower must contribute >= 3% of sales price. Must complete City-approved homebuyer education.

City of Watsonville First Time Homebuyers limits household income to 1% of the area median income, which varies by county and household size. Per HCD income schedule, low-to-above-moderate (varies by household size, Santa Cruz County). 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.

City of Watsonville First Time Homebuyers can be used for Single-family, Condo, Townhouse.

City of Watsonville First Time Homebuyers serves homebuyers purchasing in Watsonville, California.

Applications for City of Watsonville First Time Homebuyers go through the administering agency, which publishes the current terms and the application steps on its own site. 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.