The First Time Home-buyer (FTHB) Loan Program provides down payment assistance to households at or below moderate income that are purchasing a market-rate or co-op home in Emeryville, in the form of a low-interest, deferred-payment loan.
Key program details include the following:
The loan interest rate is 75% of the first mortgage interest rate, or 5%, whichever is less.
The borrower must make at least a 3% down payment and occupy the unit as a primary residence during the duration of the loan term.
The maximum loan amount from the City is the least of the following:
150% of buyers down payment
20% sale price in contract
20% of maximum price from the then-current housing affordability table on the City website
The buyer’s income must be at or below 120% of the area median income, based on household size. To view the current income limits, which the City updates annually, see this table.
The loan is due upon sale or transfer, when the unit ceases to be owner-occupied, or in 30 years, whichever comes first.