In San Jose for example, a 20% down payment for a median home is almost always more than enough money to purchase a home outright in many parts of the country. Housing Trust staff will contact you within 3 business days to begin pre-qualification. After ten years, no longer capped. Regardless of the amount borrowed, there are no monthly payments or interest with an Empower Homebuyers loan. Percentage Share of later sold for $800,000, you would owe $136,000 – $102,000 plus $34,000 (17% of A mini Homebuyer Fair following the presentation will provide additional housing, lending, and real estate resources. Once your purchase sales agreement has been ratified, work with your lender to submit a Purchase Loan Application. of the loan. decide to sell or you refinance your mortgage, you repay the original amount of The program is available for households who have low to moderate incomes. Download Housing Trust’s Steps to Homeownership guide. . The program is aimed at assisting low to moderate income County residents – including employees at nonprofit organizations, teachers. The loan can be for up to 17% of a home’s purchase price – which means an additional 3% from a first-time homebuyer would reach a down payment of 20%. This field is for validation purposes and should be left unchanged. You are a first-time homebuyer buying a primary residence in Santa Clara County, The gross household income, including all adult household members, must not exceed 120% of the Area Median Income​, ​Maximum Annual Gross Household Income Limits are established annually by the California​ Department of Housing and Community Development (HCD), Completing Empower Homebuyers SCC is a program of the County of Santa Clara administered by Housing Trust Silicon Valley. will share your appreciation in equal proportion to the amount you borrowed. Funded by the 2016 Measure A Affordable Housing Bond, Empower Homebuyers SCC provides down payment assistance loans to first-time homebuyers with up to 17% of the purchase price on a market rate home. When greater Bay Area workers cannot secure homeownership, we all lose out – on diversity, a skilled, dynamic workforce, and community. A senior accountant in the public sector, Laura is a hard-working single mom of a 13 year old … All borrowers (including non-borrowing spouses) must attend a HUD-certified Homebuyer Education through an in-person or online class from a designated agency, Housing Trust works with all approved lenders, With lender pre-approval, complete a Program Eligibility Application and contact Housing Trust staff for an appointment. Once approved, meet with Housing Trust for 1 on 1 counseling session, California Department of Housing and Community Development, 120% of Area Median Income  (updated as of April 30, 2020). You can find more information … Empower Homebuyers is a loan for first-time homebuyers to help them with the down payment. She did her research to compare the Empower Homebuyers SCC down payment assistance program with local below market rate programs. The program assists low to moderate income households in Santa Clara County. We will be available to communicate with you via phone and email… read more here. employees at nonprofit organizations, teachers, healthcare professionals, The Empower loan plus a share of the appreciation on the home is repaid when the loan matures or you decide to sell or you refinance your mortgage. Ultimately, she decided the County’s program was right for her because she liked the terms of repayment and share of appreciation, and the program was more flexible. Join us to learn more about the new Empower Homebuyers SCC program! loan amount to the original purchase price of the home, Maximum loan amount: Up to 17% of the For more information contact us at: 408-703-3837 ext. 301 or  email EmpowerHomebuyersSCC Instead, when the loan matures, you Housing Trust Silicon Valley does not discriminate against any persons on the grounds of race, color, religion, national origin, ancestry, sex, gender, gender identity, gender expression, sexual orientation, marital status, familial status, source of income, genetic information, medical condition, physical disability or mental disability, or any other category protected by law. For example, if your loan was 17% of the purchase price, you will share 17% of the appreciation and the rest of the equity that builds up on your home over time is yours.

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