A new program in San Jose, California, called the Home Access Program, aims to assist low-income first-time homebuyers by providing loans of up to $200,000 for down payments. This initiative by Housing Trust Silicon Valley responds to the high cost of housing in California. The loan is structured as a 30-year deferred payment plan with no monthly payments required, although borrowers must repay the full amount, including interest, if they sell their homes before 30 years. Eligibility requires a minimum FICO score and a down payment contribution from buyers.
The Home Access Program in San Jose offers first-time, low-income homebuyers a $200,000 loan for down payment assistance to facilitate homeownership.
This 30-year deferred loan allows buyers to ease into homeownership without immediate monthly payments, yet requires repayment upon selling the home.
#homeownership #down-payment-assistance #low-income-programs #california-housing-market #first-time-homebuyers
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