Money is available to help Santa Clara County residents purchase their first home and REALTORS® are being asked to get the information out to first-time home buyers. The Housing Trust of Santa Clara County is enlisting the help of Silicon Valley REALTORS® in informing the public of this opportunity.
"We have money and we want to help," said Dan Lachman, program manager of The Housing Trust of Santa Clara County, told a focus group composed of REALTORS® from the Silicon Valley Association of REALTORS®. "There's plenty of money for people to qualify."
The Housing Trust of Santa Clara County makes loans and grants to increase the supply of affordable housing, prevent homelessness and assist qualified individuals and families in buying their first home. Lachman specifically asked REALTORS® to inform their clients of two programs that provide assistance to first-time homebuyers – the Closing Cost Assistance Program (CCAP) and the Mortgage Assistance Program (MAP).
The Closing Cost Assistance Program (CCAP) is designed to help first-time homebuyers earning up to 120 percent AMI who have not owned a home in Santa Clara County in the last three years. The household income for a four-member household cannot exceed $126,000; or the income for a single-member household cannot exceed $88,200. The program provides 3 percent of the purchase price up to $15,000 towards the down payment, closing costs or other transaction expenses associated with a home purchase. No interest or principal payments are due during the term of the loan. This loan is due when the borrower sells the house or refinances the home, or in 30 years, with a 3 percent deferred interest rate. Lachman said the CCAP has helped thousands of teachers, engineers, nurses, and other individuals and families buy their first home in Santa Clara County.
The Mortgage Assistance Program (MAP) is an amortizing 30-year second loan available for moderate-income first-time home buyers who have not owned a home in Santa Clara County in the last three years. Like CCAP, household income for a four-member household cannot exceed $126,000; or the income for a single-member household cannot exceed $88,200. Second loans of 17 percent of the purchase price up to $85,000 are available under this program with the interest rate at 1 percent above the interest rate of the first loan.
"We're all about trying to get people in homes," Lachman told the REALTORS®. "We need your help in getting the word out to people."
The Housing Trust receives funds from the different cities in the county, the state's Housing Community Development Department, from the federal government through the U.S. Department of Housing and Urban Development, and from voluntary contributions from local Silicon Valley companies. Since 2001, Lachman said The Housing Trust has made 2,200 loans and helped over 7,500 people. The Housing Trust also has a Homelessness Prevention program.
The Housing Trust invites REALTORS® and their clients to attend two workshops next week, which will provide more information about its First-Time Homebuyer Assistance Programs. See details here.
For more information about The Housing Trust, its programs and program guidelines, visit www.housingtrustcc.org
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.