Santa Cruz County — First Time Homebuyer Programs—2017
Program
County of S. Cruz
Calhome Program
Income Limits 1- $56,500
2- $64,550
3- $72,600
4- $80,650
5- $87,150
6- $93,600
Age 62+ do not have
to be FTHB
1st Time HB
Restriction
Minimum
Down
Sale Price
Limit
County of S. Cruz
Home DPA Program
City of Watsonville City of Watsonville Housing
1st time HB program1st time HB program Foundation
Home funds
CalHome funds Grant
Measure J
Measure O
*Funds Avail. Fall 2017?
City of Capitola
Homebuyer Assist.
Program
1- $52,500
2- $60,000
3- $67,500
4- $75,000
5- $81,000
6- $87,000
1- $52,250
2- $60,000
3- $67,500
4- $75,000
5- $81,000
6- $87,000
1- $52,500
2- $60,000
3- $67,500
4- $75,000
5- $81,000
6- $87,000
1- $73,100
2- $83,500
3- $93,950
4- $104,400
5- $112,750
6- $121,100
Depends on unit
resolution. See
city's website
for list of
available units
and income
requirements.
yes
yes
yes
yes
yes
5%
3%
1%
3%
3%
n/a
$525,000
$489,000
$475,000
$503,975
median sale price
NONE
market rate units
market rate units
affordable units ok affordable & market
Deferred for life of
loan. 3% simple
annual interest.
Deferred for life of
loan. 1% simple
annual interest.
Deferred for life of
Deferred for life of
loan. 3% simple annual loan. 3% simple
interest.
annual interest.
Program
Benefits
May lend up to
$56,400 in the form of
a silent 2nd. Amount
determined based on
the qualification gap
amount needed. 40/45
max ratios.
Will allow silent 2nd up to
maximum qualification
gap amount needed.
35/40 qual max ratio
May lend up to
$100,000 in the form of
a silent 2nd. Amount
determined based on
the qualification gap
amount needed. 35/40
max ratios.
Contact Info
1- $56,500
2- $64,550
3- $72,600
4- $80,650
5- $87,150
yes
Repayment
Terms
Location
Restrictions
1- $56,500
2- $64,550
3- $72,600
4- $80,650
5- $87,150
6- $93,600
$160k for 1 Bdrm
$195k for 2 Bdrm
$230k for 3 Bdrm
May lend up to 25% of
sale pirce as a silent
2nd. Housing ratio
can't be less than 30%
or more than 45%.
Total debt ratio is 50%
max.
Max loan amount
determined by
qualification gap up
to:
$160k for 1 Bdrm
$195k for 2 Bdrm
$230k for 3 Bdrm
Property must be
Property must be outside Property must be w/in Property must be
outside of the city
of the city limits of Santa the city limits of
within the city limits
limits of Santa Cruz,
Cruz, Capitola, Scotts
Capitola. May be a
of Watsonville.
Capitola, Scotts Valley Valley and Watsonville. mobile home,
Market rate and
and Watsonville.
manufactured home, affordable units
Cannot be tenant
Cannot be tenant
occupied at time of
condo, townhouse or acceptable. Units
occupied at time of
purchase. No Measure J SFR.
must be owner
purchase. No Measure or O units.
occupied or vacant
J or O units.
90+ days.
Micaela Lopez
831- 454-2336
www.sccoplanning.
com
Porcila Wilson
831-454-2217
www.sccoplanning.
com
yes, except
senior units
n/a
no
n/a
Affordable
Affordable
restricted units restricted units
only*
only*
CalHFA Conv MyHome
CalHFA FHA
or Extra Credit Teacher MyHome or Extra Credit
and/or Zip
Teacher and/or Zip
1 person
2 ppl
3 ppl
4 ppl
5 ppl
6 ppl
$
$
$
$
$
$
85,250
97,400
109,600
121,800
131,500
141,250
1 person
2 ppl
3 ppl
4 ppl
5 ppl
6 ppl
$
$
$
$
$
$
82,200 1-2 ppl
93,950 3+ pppl
105,700
117,450
126,800
136,200
7 ppl
$ 151,000 7 ppl
$
145,600
8 ppl
$ 160,750 8 ppl
$
155,000
MyHome - FTHB Only
MyHome - FTHB Only
ZiP - Non-FTHB OK
ZiP - Non-FTHB OK
n/a
n/a
$600,000
$600,000
Max loan = $570,000
Max loan = $579,000
n/a
n/a
Deferred for life of loan.
MyHome/Teacher = 2.5%
simple annual interest.
Zip = 0% interest
Deferred for life of loan.
MyHome/Teacher = 2.5%
simple annual interest.
Zip = 0% interest
Grants $2,000 to
purch of SFR,
condo, PUD or
$1,000 to purch of
mobile or manf
home to be used
toward closing
costs. Add'l $2,500
Max loan determined avail for first
by qualification gap up responders: Police,
to: $58,000.
Fire, EMT and
active
Military/Veterans.
Provides a lower
purchase price to
make home
ownership
affordable.
Provides a lower
purchase price
to make home
ownership
affordable.
MyHome/Teacher lends
3.5% of the purchase price
toward down payment or
closing costs & prepaids.
DTI 45% FTHBs Only.
MyHome/Teacher lends
3.5% of the purchase price
toward down payment or
closing costs & prepaids.
DTI 45% FTHBs Only.
Unit size limits
based on size of
household.
No unit size
limits based on
size of
household.
Property must be
within the city limits of
Watsonville. Market
rate and affordable
units acceptable. Units
must be owner
occupied or vacant 90+
days.
Property must be
a designated
Measure J unit by
the County of
Santa Cruz.
Buyer must live
or work in
County for 60
days to be
eligible.
Deferred for life of
loan. 3% simple
annual interest.
NONE
May lend up to 25% of
sale pirce as a silent
2nd. Housing ratio
can't be less than 30%
or more than 45%.
Total debt ratio is 50%
max.
Martin Gomez
Laurie Blackwood
Laurie Blackwood
831-454-5952
831-768-3099. www.831-768-3099. www.
marting@hacosantac ci.watsonville.ca.us ci.watsonville.ca.us
ruz.org
Property must be
within the county
limits of Santa
Cruz.
MCC Program
eHousingPlus
HomeReady
Conventional
$112,440 Either income limit of
$131,180 $87,000 or
No income limit as
determined by census
tract
yes, except for
veterans
n/a
$589,785 nontargeted; $720,845
targeted
Potential repayment
if owner sells within 9 years or less.
Provides a mortgage
credit certificate of
20% of interest paid
per year allowing
buyer to reduce
federal taxes paid by
ZIP w conv lends 3% or 4% ZIP w FHA lends 3% or 4% of filing a revised W4 and
of the first loan amount
the first loan amount
qualifying with a higher
towards down payment or towards down payment or income.
closing costs & prepaids.
closing costs & prepaids.
DTI 45%. Non FTHBs OK. DTI 45%. Non FTHBs OK.
no
3% =< $424,100
5% =< $636,150
None
Conventional loan with
fixed monthly payments
the 30 year loan term
Low down payment
Flexible income sources
including:
-Boarder income
-ADU income
-Non-borrower HH
income
DTI ratio up to 50%*
Reduced MI coverage
Lower loan pricing for
imperfect credit
* Requires one-on-one
counseling
Property must
be a designated
Measure O unit
thru City of
Santa Cruz.
Santa Cruz Asso- Micaela Lopez Norm Daly
ciation of Realtors.831- 454-2336. 831-420-5109
www.cityofsan
Housing Foundation
www.sccoplanning.
tacruz.com
www.scaorhf.org com
Lending source for
831-464-2000
Available in entire state of
California. Income/sale
price limits differ based on
county and first mortgage
type.
Available in entire state of
California. Income/sale
price limits differ based on
county and first mortgage
type.
May be used for the
entire state of
California. Income
limits differ based on
county and census
tract.
May be used for the
entire state of California.
Income limits differ
based on county and
census tract.
Must be an approved
CalHFA lender to use this
program.
CalHFA.ca.gov
Must be an approved
CalHFA lender to use this
program.
CalHFA.ca.gov
Must be an
approved CalHFA
lender to use this
program.
CalHFA.ca.gov
Fannie Mae approved
lender.
these units is Wells
Fargo retail
*A deed restricted unit falls under the affordable income and housing restrictions.
It is a below market rate unit and the re-sale price is determined by the jurisdiction
who controls the particular unit.
3/23/2017
Andrea Schenk
831-824-3451
CalBRE # 01075426
NMLS # 79366
SCHF NMLS # 237693
[email protected]