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  First-Time Homebuyer Assistance Program

The City of Walnut Creek is offering interest-free equity share loans to qualifying homebuyers as part of its First-Time Homebuyer Assistance Program.


First Time Homebuyer Presentation
View the First Time Homebuyer PowerPoint created by Real Estate Broker, Marilyn Cunningham, and presented at the March 15, 2014 First Time Homebuyer Seminar.

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New HOA Helper Grant Program!
In partnership with the Contra Costa Association of Realtors, the City is offering eligible new first-time homebuyers up to $2,500 to cover the first 6 months of their Homeowners Association dues. For more information, view the HOA Helper Grant Program Guidelines.

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Minimum Eligibility Criteria
To be eligible to participate in the City of Walnut Creek’s First-Time Homebuyer Assistance Program, the following criteria must be met:

  1. The borrower(s) must have lived or have been working within the incorporated limits of the City for at least 90 days prior to applying for the program.
  2. The borrower(s) cannot have owned a home, nor have (jointly) owned a home within the last three years.
  3. The borrower(s) must be able to pay 1/2 of the closing costs, and put at least 3% down.
  4. The borrower(s) must: a. Make the home their principal place of residence; b. Covenant not to rent or lease the home during the period of the City loan; and c. Occupy the home within 60 days of close of escrow.
  5. Housing costs cannot exceed 35% of 110% of Area Median Income based on household size except as may be adjusted to reflect Mortgage Credit Certificates. Housing costs are defined as principle, interest, taxes, insurance and Homeowner Association (HOA) fees.
  6. For 2012, household income cannot exceed 120% of Area Median Income:
    1. $78,5501 person
    2. $89,750/2 persons
    3. $101,000/3persons
    4. $112,200/4 persons
    5. $121,200/5 persons
    6. $130,150/6 persons
    7. $139,1507persons
    8. $148,100/8 persons
  7. The home to be purchased must be within the incorporated limits of the City of Walnut Creek.
  8. The borrower(s) must be able to qualify for a fixed rate, FNMA conforming, appropriately sized, first mortgage through one of the City’s participating lenders.

City Funding Criteria

  1. The City will commit up to 17% of the home sales price or the appraised value, whichever is less, but no more than $65,000 maximum per household.
  2. City funds are to be provided in the form of a deferred second mortgage secured by a Second Trust Deed bearing a return in the form of equity earnings from the appreciation of the property equal to the percentage of the purchase price that the City's Second Mortgage represents at the time of recording. The City's loan may be recorded in third position if borrower is also using CalHFA mortgage assistance.
  3. City funds can be used for any of the following: 1/2 of closing costs, up to 2% of a required 5% down payment and/or additional down payment.
  4. To the extent that a borrower has funds available for a down payment in excess of 3%, those funds shall be used first for paying closing costs that would otherwise be paid for by the City.
  5. Repayment of the Second Mortgage and any equity earnings owed shall be deferred until the earlier of (i) sale or transfer of the Home, (ii) refinance or payoff of the First Mortgage; (iii) recordation of a Third Mortgage, (iv) default of the First Mortgage, or (v) 45 years.

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If you meet the criteria above, you should contact one of our participating lenders to begin the loan qualification process. You will need to work with the loan company and your own real estate agent during the purchase process.

Alameda Mortgage Corporation
Jose Menendez (510) 778-3995
jose.menendez@alamedamortgage.com
NMLS # 897164
All California Mortgage DBA APMC
Lisa Andrews (925) 383-7857
landrews@allcalifornia.com
NMLS # 839860
Banc Home Loans
Cindy Lowary (925) 783-6965  
cynthia.lowary@banchomeloans.com
NMLS # 295272
Best Capital Funding
Kevin Brindley (415) 747-2334
kevin@myhomegateway.com
NMLS # 353910
Citibank
Don Hinton (925) 639-6508
don.hinton@citi.com
NMLS # 455106
Envoy Mortgage
Kelle Q. Murphy (925) 642-0900
kmurphy@envoymortgage.com
NMLS # 218870
Guild Mortgage Company
Mary Fung (925) 357-7272
mfung@guildmortgage.net
NMLS # 848529
imortgage
Owen Nelson (925) 457-0823
owen.nelson@imortgage.com
NMLS # 897942
Land Home Financial Services
Andraya Coulter (925) 286-7179
loansbyandraya@gmail.com
NMLS # 254474
Land Home Financial Services
Darcy Wills (925) 234-1301
darcy.wills@lhfs.com
NMLS # 954964
Land Home Financial Services
Debbi Galvan (925) 595-3784
debbi.galvan@lhfs.com
NMLS # 190282
Land Home Financial Services
John Pecci (925) 330-1024
john.pecci@lhfs.com
NMLS # 240014
Land Home Financial Services
Maria Kopf (925) 766-1971
maria.kopf@lhfs.com
NMLS # 143430
Landmark Mortgage
Denise Colvin (925) 200-4019
dcolvin@lmglending.com
NMLS # 287399
Prospect Mortgage
Christine Roberts (510) 368-5858
chris.roberts@prospectmtg.com
NMLS# 670751
RPM Mortgage
Brian Humphrey
(925) 627-7121
bhumphrey@rpm-mtg.com
NMLS # 289208
RPM Mortgage
Bruce Kelly (925) 362-8837
bkelly@rpm-mtg.com
NMLS # 250389
RPM Mortgage
Chuck Scoma (925) 915-0321
cscoma@rpm-mtg.com
NMLS # 270808
RPM Mortgage
Tony Scoma (650) 888-8735
tscoma@rpm-mtg.com
NMLS # 990349
Stonegate Mortgage
Lisa Cardoza-Makley
(209) 608-7497
lisa.makley@stonegatemtg.com
NMLS # 1002549
Stonegate Mortgage
Yona Wishart
(925) 786-75626
yona.wishart@stonegatemtg.com
NMLS # 285928
Summit Funding, Inc. 
Casey Sullivan (925) 395-4212
csullivan
@summitfunding.net
NMLS# 237837
Summit Funding, Inc. 
Michelle Shaman (925) 549-0803
michelle@loandiva.us
NMLS# 289245

Summit Funding, Inc. 
Taj Lockett (925) 695-5360
taj.lockett@summitfunding.net
NMLS# 1126528

Wells Fargo Home Mortgage
Joel Dikit (925) 998-5488
joel.dikit@wellsfargo.com
NMLS# 240507


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Homebuyer Counseling and Education

Homebuyer counseling is offered throughout Contra Costa County and the Bay Area. A list of agencies with HUD certified homebuyer counselors can be found here.

First-time homebuyer workshops are also held online through eHome America.

Download the First-Time Homebuyer Assistance Program  Brochure. For information on the American Dream Downpayment Assistance Initiative, visit the County's website. Don’t Borrow Trouble. Information on Predatory Lending: http://www.dontborrowtrouble.com/

For More Information Contact: (925) 943-5899 x 2208

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