Eligibility Criteria
Your annual income cannot exceed the following:
Household Size |
Income |
1 person |
$44,000 |
2 persons |
$50,250 |
3 persons |
$56,550 |
4 persons |
$62,800 |
5 persons |
$67,850 |
6 persons |
$72,850 |
7 persons |
$77,900 |
8 or more |
$82,900 |
Effective 5/14/10, subject to periodic updates. | - The home must be your principal residence.
- You must be able to contribute a minimum of two percent (2%) toward the down payment and closing costs.
- You must not have owned a home within the last three years.
- You should apply for MCC credits concurrently to reduce your monthly housing costs. Call 800-591-3111 for more information.
- Borrower cannot own any real property.
Property Guidelines - The sale price cannot exceed $410,000 (Subject to periodic updates.)
- Homes may be either single-family, condominiums or town-homes.
- The home must be vacant or owner occupied upon execution of the purchase offer.
- The home must be free from any health and safety defects and lead based paint hazards.
- The home must be located in the City of Santee.
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Loan Terms - Maximum interest rate of 3%. Interest forgiven if you continue to own and occupy the home for 10 years.
- No monthly payment. Repayment is deferred until the borrower sells, transfers, refinances, or converts the home to a rental property.
- Maximum loan: up to $100,000 or 30% of the purchase price which ever is less.
- Adjustable Rate, Balloon Loans and Temporary Buy-downs, and Interest-Only mortgages not allowed, except for CalHFA loans.
- The City loan may be used for down payment and closing costs.
- Total housing ratio (PITI & HOA fees) cannot exceed 45% of applicant(s) gross monthly income.
- First Mortgage lenders are required to collect and manage an impound account for payment of Taxes, assessments and property insurance.
How to Apply - Select a lender from here. The lender will pre-qualifies you.
- Complete an approved 8-hour homebuyer-training course for the City loan.
- Find a home to purchase that meets the program requirements
- The lender will then submit your City loan application.
* 80% AMI: denotes income not to exceed 80% of the Area Median Income. See income limits.
For more information please contact the Department of Finance, Housing Services Division (619) 258-4100 ext. 133. Terms are subject to change.
EQUAL HOUSING OPPORTUNITY - The City of Santee is committed to providing equal housing opportunity for all people regardless of race,color, gender, religion, national origin, familial status or disability.
If you believe you have been a victim of discrimination, contact the U.S. Department of Housing and Urban Development's Fair Housing Hotline 1-(800)-424-8590.
or
The Center for Social Avocacy
www.hhrfha.org |