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

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. Household income cannot exceed 120% of Area Median Income:
   1. $77,550/1 person
   2. $88,600/2 persons
   3. $99,700/3persons
   4. $110,750/4 persons
   5. $119,600/5 persons
   6. $128,450/6 persons
   7. $137,350/7persons
   8. $146,200/8 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.

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.

Bank of America Margalit Ir (925) 208-2475 margalit.a.ir@bankofamerica.com	Wells Fargo Home Mortgage, Inc. Don Hinton, (925) 681-5038 donald.e.hinton@wellsfargo.com
Envoy Mortgage Kevin Peltz, (925) 864-9523 kpeltz@envoymtg.com	CHASE Chris Roberts, (925) 284-1658 christine.c.roberts@chase.com
Prospect Mortgage Kenny Stephen, (925) 553-5006 kenny@kennystephen.com	Envoy Mortgage Kelle Q. Murphy, (925) 642-0900 kmurphy@envoymtg.com
Prospect Mortgage Andraya Bern , (925) 286-7179 Andraya.Bern@prospectmtg.com	Mason-McDuffie Joel Dikit, (925) 998-5488 jdikit@mmcdcorp.com
Cherry Creek Mortgage Cindy Romero-Lowary,  (925) 783-6965 clowary@ccmclending.com	Residential Pacific Mortgage Co. Marjorie Birky, (925) 686-6020 mbirky@rpm-morgage.com
Residential Pacific Mortgage Co. Zack Cooper, (925) 295-9360 zcooper@rpm-mortgage.com	Residential Pacific Mortgage Co. Regan Dakin, (925) 360-3455 loans@regandakin.com
Residential Pacific Mortgage Co. Raji Saini, (510) 299-0382 rsaini@rpm-mortgage.com

Homebuyer Counseling

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.

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 ext. 2208 or ext. 2236

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