Agency and Program Title

Housing Program Description

Housing Investment Trust

• For union members and municipal employees
• Rate buy down assistance for the first 5 years
• 30-year loans with 3% down payment
• Homebuyer education required
• Higher qualifying ratios and no income restrictions

Lease-Purchase Program

• Will purchase homes on behalf of qualified individuals who hope to become home owners (as a lease-purchase) in select cities in LA and San Bernardino Counties
• Pay 3% down and closing costs
• The lease-purchaser pays 1% of the price of the home
• The home is leased for 3 years and 2 months after which time the lease-purchaser has the right to assume the 30-year mortgage

Extra Credit Teacher Home Purchase Program

• Eligible teachers and principals are provided with a 15% annual tax credit against their mortgage interest payments or a reduced interest rate loan
• Must agree to work in a low performing school for 5 years

Low Down Payment Program

• Teachers working within the State can purchase a home with a down payment of $500.
• Relaxed credit guidelines and higher qualifying ratios (so teachers can qualify for a larger home)
• Wells Fargo will provide the loans, CaHLIF will provide down payment assistance and mortgage insurance and Freddie Mac will purchase the loans

Teacher Flex Program

• Allows teachers to borrow up to 97% LTV
• $500 of the 3% down payment must come from the teacher’s own funds and the balance can come from grants, non-profits, family members, etc.
• No income or geographic limitations

Member Home Loan Program

• 10- to 30-year fixed rate loans up to 97% LTV.
• 30-year FHA fixed-rate loans, higher qualifying ratios
• 100% financing secured by retirement account (2 loans, a fixed-rate loan and a 5% Personal Loan for the down payment)

Home Loan Program

• 15- and 30-year loans with up to 95% LTV
• Low out-of-pocket costs
• Zero down payment with a combined first and second mortgage financing the entire purchase price of the home

Homeownership Programs

• Below market interest rate mortgage loans to low- to moderate-income homebuyers
• 100% financing option with a 30-year fixed rate mortgage at 97% LTV and a second 3% down payment assistance loan at 3% simple interest from CHFA with deferred payments

First Mortgage Financing

• First mortgage financing, for Sacramento School District employees, of up to 97% of the value of the home and deferred payment secondary financing up to 3% of the value of the home.
• Flexible underwriting guidelines

Down Payment Assistance Program for Police Officers

• Officers receive up to $100,000 for a down payment and the loan will be forgiven if the officer remains with the force for 10 years
• The officer must buy the home in a redevelopment area of the City

Mortgage Revenue Bond Program

• Below market interest rate financing for low- and moderate-income households
• Home must be in one of the City’s target areas

Below Market Rate Program

• Offers new homes to low- and moderate-income first time homebuyers at below market rates
• At the time of sale, the City has the first option to buy the home at a price designed to give a fair market rate of return on the investment

Point Rating System

• Below-market-rate housing with preference given to teachers, public safety workers and other residents who are considered vital to the community

Down Payment Assistance Loan Program

• A $100,000 loan, for police officers, with a reduced interest rate, and payments on the loan do not begin for five years.
• 30-year, low-interest rate loans for low- and moderate-income first time homebuyers

Teacher Homebuyer Program

• Down payment and closing cost assistance up to $40,000
• The interest rate on the City loan is 0% and is not due and payable until transfer of title or 30 years
• Repayment is based on the City’s proportionate share of the difference between the purchase price and the resale price

Homebuyers Assistance Program

• Financing for new housing and the acquisition and rehabilitation of existing housing for low-income families

BMR Home Purchase Program

• Offers condos and townhomes that sell for $120,000-$140,000.
• Priority goes to those that live or work in Sunnyvale and meet income requirements.
• About a 4-year wait list for these units.

CASA Home Loan Program

• Provide $40,000 for shared appreciation mortgages with no monthly payments
• Principal and interest due when home is sold or refinanced

START, StartPLUS and Mortgage Credit Certificate Programs

• START Program is a 35-year loan with a 3% interest rate with no payments for the first 5 years (but interest does accrue) for up to $55,000 for down payment and closing costs
• StartPLUS offers an additional $5,000
• MCC Program offers a tax credit of 15%

Mortgage Products

• Fixed-rate mortgages with low down payments
• Adjustable-rate mortgages with low initial interest rates
• Low down payment mortgages
• Employer-assisted housing plans, where Fannie Mae will work with employers to offer grants, forgivable loans, deferred or repayable loans, interest-rate buydowns, shared appreciation or homebuyer education

Mortgage Products

• Fixed-rate mortgages with low down payments and higher qualifying ratios
• Homeownership education

Teachers Mortgage Assistance Program

• Helps teachers take advantage of the various special home mortgage programs currently available to them
• Holds seminars that explain the basics of the home buying process and how to take advantage of special teacher mortgage programs
• Personalized home buying "action plan" with a program representative and the teacher

Teacher Mortgage Assistance Program

• $500 monthly mortgage payment assistance for 5 years
• Repayment is based on the appreciation or depreciation in the county in which the home was purchased
• Special underwriting guidelines with Provident Central Credit Union
• Funded by $10 million bond from Intel Corp.

• Housing Allowance Program provides additional compensation to staff for a fixed period of time
• Fixed Rate Amortizing Mortgage is a low market fixed interest rate loan for 60% of the purchase price
• Mortgage Assistance Program is an interest only, nonamortizing loan with deferred interest payable at the time of sale (for 50% of the purchase price)
• Deferred Interest Program is a secured nonamortizing mortgage loan with no current interest payments (for 20% of the purchase price)

Housing Trust of Santa Clara County

• Will offer low-interest down payment/closing cost loans, gap financing for affordable rental housing projects, and funds to assist homeless in attaining stable housing
• Expected to start in June of 2001

CDBG, HOME, Officer Next Door and Teacher Next Door Programs

• CDBG provides cities and counties with grants to revitalize neighborhoods, expand affordable housing, etc.
• HOME provides grants to States and local agencies to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing
• Officer/Teacher Next Door offers officers and teachers 50% off HUD homes across the country

Agency and Program Title

Rental Program Description

• Buyers pay the monthly rent with a portion of the rent going towards the down payment.
• After 3 years of renting, the buyer has the option of buying the home and needs only an additional one percent down (CHOA pays closing costs).

Security Deposit Guarantee Program

• For low-income households
• County pays the security deposit for the tenant

Rent Subsidized Apartment Complex

• A 43-unit apartment complex built by the District, on the grounds of a new elementary school
• The apartments are going to be rented to teachers at nearly one-third to one-half the market rate

Rental Assistance Programs

• Move-in costs or delinquent rent are provided to recipients
• Offer security deposit guarantees and/or first months rent fees

Move in for Less Program

• Apartments that have security deposits of no more than 20% of the monthly rent (in the area it is usually 200-300% of the monthly rent)