The City of Sunnyvale has recently approved a program to provide Down Payment Assistance Loans and Individual Development Accounts (IDAs) to assist applicants for Below Market Rate Home Ownership. 

DOWN PAYMENT ASSISTANCE LOANS

Terms, Eligibility and Criteria

• A loan of up to $50,000.
• A three percent (3%) simple interest.
• Payment is deferred during the first five years and then reviewed every five years to determine borrower’s capacity to repay the loan.  The loan may be deferred up to a maximum of 30 years.
• Borrower must not have owned a primary residence during the last three years in the following county regions – Alameda, Contra Costa, Marin, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano and Sonoma.
• The home must be located in Sunnyvale and must be owner-occupied.
• There is no maximum purchase price but rather the purchase price is determined by what the borrower is able to afford.
• Borrower’s income must be at or below 80% of area median income.
• Borrower must provide 3% of the down payment plus closing costs needed to purchase the home. 

For more information, please email the  Affordable Housing Division.