San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing

What is San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing is a deferred second loan for homebuyers in San Pablo, California.

• Deferred-payment second-position loan; no payments until sale, transfer, or end of term. Interest = greater of shared appreciation or 3% simple. Funds restricted to down payment + non-recurring closing costs.
• Deferred-payment ('silent second') loan up to 20% of purchase price, capped at $100,000, for income-qualified first-time homebuyers purchasing in incorporated City of San Pablo. Interest at greater of shared appreciation or 3% simple interest.
• Funding comes from City of San Pablo Affordable Housing Funds.

How much assistance does it provide?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing provides assistance worth 0.2% of the purchase price, as set by the program.

• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing 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, transfer, or end of term.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing limits household income to 80% of the area median income, which varies by county and household size.

• Household income (all members 18+) must not exceed 80% of Area Median Income (Contra Costa 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.

What kind of home can it be used for?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing can be used for Single-family, Condo, Townhouse.

Is there eligibility for specific groups?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing names veterans, active-duty service members, reservists and National Guard members, educators, law enforcement officers, and firefighters among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing serves buyers purchasing in San Pablo, California.

How do you apply?

Applications for San Pablo Economic Development Corporation San Pablo Loan Assistance for Sustainable Housing 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.