First-time home buyers can apply for housing down payment assistance

Prospective first-time home buyers can apply for two separate no-interest down payment loan programs, the first of which has a statewide April 29 deadline for up to $150,000.

Those first-time buyers who live, work in, or have been displaced from Alameda County can also apply for a down payment loan of up to $210,000, the county deadline for which is May 15.

If a member of the household is an EMT, firefighter, police officer, or works in schools or daycare facilities in Alameda County, you have improved odds to get a loan from the county program.

See if you meet the income requirements:

• The state program requires that at least one borrower be a first-generation homebuyer, and the household annual income limit for Alameda County is $234,000.
• The county program requires that applicants have no more than $300,000 in total assets and make no more than 120% of area median income, such as $142,000 for a family of two and $177,500 for a family of four.

Both loans are zero-interest and require no payment during the loan term or until the house is sold, at which time owners will repay the full loan amount along with a share of the increase in home value.

Apply to California Dream for All by April 29

The state program – known as California Dream for All – requires that applicants talk to an approved lender in order to get a pre-approval letter and register for a voucher by 5 pm on April 29.

First, see if your household meets all requirements:

• First-generation homebuyer: at least one borrower must not have been on a property title in last seven years and borrower’s parents must not presently be on a title
• First-time homebuyers: all borrowers have had no previous property ownership within the last three years
• Income limit: must meet CalHFA Income Limits for the county you are purchasing in (up to $234,000 in Alameda County)

Then reach out to an approved lender to request a pre-approval letter. Lenders in Berkeley include:

• Crosscountry Mortgage
  • 1385 Shattuck Avenue, Suite B | (925) 395-3693
  • 1647 Hopkins Street, Suite B | (510) 367-5562         
  • 2987 College Ave | (510) 254-4697
• Guaranteed Rate Affinity
  • 1400 Shattuck Avenue, Suite 1 | (925) 392-3419
  • 1495 Shattuck Avenue | (925) 254-1419
• Patelco Credit Union
  • 2033 Kala Bagai Way | (510) 649-6012

Once you have a pre-approval letter, apply for a Dream for All voucher online by April 29.

If eligible, you will be entered in a random lottery for a loan of up to 20% for down payment or closing costs, not to exceed $150,000.

Watch a video for more details about applying.

Apply to Alameda County Boost by May 15

You can apply to the county program – known as AC Boost – entirely online without reaching out to a lender.

First, see if your household meets all requirements:

• Residency: you must live in, work in, or have been displaced from Alameda County
  • Displaced Household includes at least one adult who, in the last ten years, moved out of the county due to foreclosure or rising housing costs
• First Time Homebuyer: all the adults in the household are purchasing the property as a primary residence and had no previous property ownership within the last three years
• Income Limits: your household must earn no more than 120% of the Area Median Income
• Household Asset Limit: of no more than $300,000 at the time of application
• First responders and Educators will receive preferences  

Then complete your online pre-application by May 15, 2024.

Eligible pre-applications will be entered into a lottery and will be sent an email with a lottery number.

Attend an optional online roundtable to learn more about application and eligibility:

Your next steps, if selected  

If your lottery number is selected, you will:

• attend a mandatory workshop
• submit a full application within 28 days of the workshop.

Eligible applicants will receive conditional approval and will have an initial 120 days to shop for a home.

No payments will be due during the term of the loan, making your mortgage payment affordable. At the end of the 30-year loan term (or earlier, if you choose to sell or move out), you will repay the full loan, plus an additional amount based on the increase in property value.

First-time homebuyers can apply for both programs to receive down payment assistance:

• by April 29 to California Dream for All and up to $150,000
• by May 15 to Alameda County Boost and up to $210,000.

For questions about California Dream for All, call (877) 922-5432 and for Alameda County Boost, call (510) 500-8840.

Links

• AC Boost
  • Apply
  • Virtual Roundtable on May 1
  • Application process overview
  • Program manual
• California Dream for All
  • Apply
  • Next Steps/How to Apply
  • Application process overview (6-minute video)
  • Information on shared appreciation
• County-approved homebuyer counseling agencies: attend a First-Time Homebuyer educational workshop; receive personalized counseling on your financial readiness
• Home Loan Toolkit: Learn about mortgages, closing costs, and more (Consumer Financial Protection Bureau)