First-Time Homebuyer Program For Rancho Cucamonga
The City of Rancho Cucamonga, through the City's Redevelopment Agency, has established a First-Time Homebuyer Program (FTHB) as a way of helping working families purchase their first home in Rancho Cucamonga.
The FTHB Program provides a silent second loan to bridge the gap between the first mortgage a buyer can qualify for and the cost to purchase a home. This cost may include part of the down payment and closing costs.
How It Works:
·         The buyer may qualify for a maximum loan amount up to $80,000.00.
·         The loan is forgiven after 45 years. The loan must be repaid if the home is sold, refinanced, or converted to rental property plus 15% or 10% equity share depending when the home is sold or refinanced.
·         Participants must join in a savings program, contribute 50 to 100 hours of community service and attend a Community Homebuyers Workshop.
·         Participants must apply for loans with a Neighborhood Housing Services (NHS) approved lender.
How To Qualify:
·         A buyer must show a need for assistance through Rancho Cucamonga's FTHB Program.
·         The buyer must qualify for a 1st trust deed loan with an NHS approved lender.
·         Borrowers must provide a minimum of three percent of the home purchase price to apply towards the down payment and closing costs.
·         To qualify for Rancho Cucamonga's FTHB Program, a buyer may not have owned a home within the past three years.
·         The household income may not exceed the following guidelines:
Family Size
Maximum Income
1
$36,270
2
$41,400
3
$46,620
4
$51,750
5
$55,890
6
$60,030
7
$64,170
8
$68,310
Neighborhood Housing Services Of The Inland Empire (NHS) is the administrator of the First-Time Homebuyer Program for the City of Rancho Cucamonga. As part of the FTHB Program, NHS provides a free Community Home buying counseling services to help potential home buyers resolve credit, debt, and savings concerns. Please contact NHS for further details and qualifications at (909) 884-6891.