First Time Homeowner’s Assistance Program – funded with CBDG Grant Funding
The First-Time Homeownership Assistance Program is funded through CDBG Grants. The Program is designed to provide assistance to eligible homebuyers in purchasing homes located within the City of Susanville. The Program provides this assistance in the form of a deferred payment second mortgage loan as financing toward the purchase price and closing costs of affordable homes.
Eligible applicants will be income-qualified individuals or an individual and his or her spouse who have not previously owned a home. Applicants must work with a lender to obtain primary loan financing. The City’s application may be submitted with the lender’s pre-qualification letter to establish that the applicant meets minimum program requirements.
The applicant then works with a local real estate professional, and when a home is selected, submits the purchase and sale agreement and first lending package to the City for final Loan Committee approval. The program assistance amount will be no more than half of the total purchase price of the home.
All loans are deferred for a period of 30 years, with 3% interest accruing in the first 10 years only.
Please see the program guidelines for a list of disclosures that must be provided with the purchase contract. For more information regarding the program, please call (530) 252-5106. We will be happy to schedule an appointment to meet with you or your buyer regarding the First Time Homebuyer Program.
Homebuyer Program Forms