Bay Area REBlog

Many cities have first time home buyer assistance programs for low to Moderate income households. The program for Sunnyvale provides assistance in the form of deferred payment second mortgage with financing up to $50,000.

The buyers must currently live or work in Sunnyvale to be eligible and their gross annual income must be within the guidelines for moderate income limits for Santa Clara County. The home obviously must be in Sunnyvale as well. The applicant must qualify for the first loan from one of the specified lenders, contribute a minimum of 3% toward the down payment, and have no more than 97% total financing on the property. The housing expense ratios can be no less than 35% and no more than 40% with a total debt ratio no more than 50%

In addition, the buyer must attend a city and Fannie Mae approved home buyer education class from a HUD certified housing counselor prior to receiving approval for a Program loan.

Click here for the link to the City of Sunnyvale site for these loans.

If you enjoyed this post, make sure you subscribe to my RSS feed!