Dana Reserve Down Payment Assistance - San Luis Obispo

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Dana Reserve Down Payment Assistance - San Luis Obispo is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

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.