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.