City Homebuyer Program Loans for Market-Rate Units

First Time Homebuyer Loan Program

The First Time Homebuyer Loan Program provides downpayment assistance to households at or below moderate income purchasing a home in Emeryville. This downpayment assistance is in the form of a low-interest rate, deferred payment loan. The loan interest rate is 75% of the first mortgage interest rate, or 5%, whichever is less. The loan is due upon sale, transfer, when the unit ceases to be owner-occupied, or in 30 years, whichever comes first. The loan amount may be no greater than 150% of the buyer’s downpayment amount with a maximum loan amount no greater than 20% of the purchase price of the unit. The borrower must make at least a 3%down payment and occupy the unit as a primary residence during the duration of the loan term.

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