Dana Reserve Down Payment Assistance - San Luis Obispo

Dana Reserve Down Payment Assistance - San Luis Obispo is a deferred second loan for homebuyers in San Luis Obispo County, California. $3.2 million in total down payment assistance for qualified first-time buyers in the Dana Reserve community in San Luis Obispo County. Overseen by People's Self Help Housing and Community Foundation SLO. no monthly payments on DPA. Funding comes from Developer / Non-profit.

Dana Reserve Down Payment Assistance - San Luis Obispo 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 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.

Dana Reserve Down Payment Assistance - San Luis Obispo 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. Residency requirement: Purchase at Dana Reserve in San Luis Obispo County. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen.

Dana Reserve Down Payment Assistance - San Luis Obispo sets its income limit as follows: Contact program provider for current income limits. 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.

Dana Reserve Down Payment Assistance - San Luis Obispo caps the purchase price as follows: Contact program for current purchase price limits. Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD. New construction is eligible. Manufactured homes are not eligible.

Dana Reserve Down Payment Assistance - San Luis Obispo serves homebuyers purchasing in San Luis Obispo County, California.

Applications for Dana Reserve Down Payment Assistance - San Luis Obispo 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.