First Time Homebuyers Down Payment Assistance Program – funded by RLF
The First-Time Homebuyer Program is funded through the City of Susanville&amp;#39;s CDBG Revolving Loan fund. The Program is designed to provide assistance to eligible homebuyers in purchasing homes located in the City of Susanville. The Program provides this assistance in the form of a deferred payment second mortgage loan as &amp;quot;gap&amp;quot; financing toward the purchase price and closing costs of affordable homes.
Eligible applicants will be an income-qualified individual&amp;nbsp;or&amp;nbsp;individual and his or her spouse who have not&amp;nbsp;previously owned a home.&amp;nbsp;Applicants must work with a lender&amp;nbsp;to obtain&amp;nbsp;primary loan financing.&amp;nbsp;The&amp;nbsp;city&amp;#39;s application may be submitted&amp;nbsp;with the lender&amp;#39;s pre-qualification letter&amp;nbsp;to&amp;nbsp;establish that the applicant meets minimum program requirements.&amp;nbsp;The applicant then works with a local real estate professional, and when a home is selected, submits the purchase and sale agreement and&amp;nbsp;first lending package to the City for final Loan Committee approval.&amp;nbsp;
The program assistance amount should be no more then half of the&amp;nbsp;total purchase price of the home.&amp;nbsp;All loans are&amp;nbsp;deferred for a period of 30 years, with 3% interest accruing in the first 10 years only. Please see the&amp;nbsp;program guidelines for a list of&amp;nbsp;disclosures that must be provided with the purchase contract.&amp;nbsp;
For more information regarding the program, please call (530) 252-5102. We will be happy to schedule an appointment&amp;nbsp;to meet with you or your&amp;nbsp;buyer regarding the First Time Homebuyer Program.
Homebuyer Program Forms