First-Time Home Buyers Program (FTHB)

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First-Time Home Buyers Program (FTHB)

• Managed by the
• Riverside County Economic Development Agency (EDA)

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First-Time Home Buyer Services

• Down-Payment Assistance Program
• Closing Cost Assistance Program

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Down Payment Assistance

• Provides assistance to lower-income persons in
  the purchase of their first home.
• Assistance may be provided for the down payment
  up to 20 of the purchase price of the home.
• Assistance is provided in the form of a silent
  second loan.

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Who qualifiesfor the FTHB Program?

• Buyer must
• Be a first-time homebuyer.
• Have annual income be 80 or less of the area
  median income (Low-Income).
• Purchase a home located in a qualifying location,
  and the purchase price must be within the program
  price limit.

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Closing Cost Assistance

• Up to 2,000 in assistance may be provided for
  the non-recurring closing cost associated for a
  mortgage loan.
• The assistance is provided in the form of a
  grant.

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Qualifying Incomes
Maximum Annual Household Income Adjusted for Family Size Effective February 14, 2008 Maximum Annual Household Income Adjusted for Family Size Effective February 14, 2008
Household Size Maximum Annual Income
1 37,300
2 42,650
3 47,950
4 53,300
5 57,550
6 61,850
7 66,100
8 70,350
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Other Buyer Requirements

• Buyer must
• Have sufficient income and creditworthiness to
  qualify for a first mortgage through one of the
  participating lenders.
• Accept the highest loan-to-value ratio first loan
  for which they qualify.
• Complete the minimum requirements of education in
  a Home Buyers Seminar.

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First Loan Terms

• Fully amortized, fixed rate, 30-year mortgage and
  the EDA Down-Payment Assistance will be secured
  by a deed of trust recorded in second position to
  the first mortgage.

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FTHB Assistance Terms

• In exchange for receiving funds to assist in the
  purchase of a home, the purchaser must agree to a
  15-year affordability period.
• The buyer must repay the amount of assistance if
  the home is sold before the end of the
  affordability period, unless the home is sold to
  a qualified, low-income, first-time home buyer,
  as verified by EDA staff.

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FTHB Assistance Terms (continued)

• The minimum amount of assistance that may be
  provided for downpayment is 1,500 per home
  purchase, with a absolute maximum amount of 20
  of the purchase price of the home.
• The maximum of assistance provided for closing
  costs (non-recurring only) is 2,000.

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Maximum Home Price

• The maximum home purchase price under the program
  is currently 380,000.
• The appraised value and price of the property
  cannot exceed this limit.

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Eligible Properties

• Permanently fixed to a permanent foundation
• Minimum of two bedrooms
• Currently occupied by the seller or vacant for at
  least 90 days
• (Homes with in-ground pools or spas are not
  eligible.)

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Deadlineto Apply for this Program

• The county will accept reservations as long as
  funds are available.
• Additional funds may be allocated to the Program
  in the future, depending upon fund availability.

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Approved Lenders

• The County of Riverside has participating
  lenders, with multiple branches throughout the
  county and elsewhere in Southern California, to
  participate in the First-Time Home Buyer Program.
• Purchasers must use one of these lenders and
• are encouraged to compare prices and loan
• terms among these lenders.

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Contact Information

• Riverside County
• Economic Development Agency
• Home Rehabilitation Ownership Unit
• FTHB Program
• [phone]
• 1325 Spruce Street, Suite 400
• Riverside, CA 92507
• www.rivcoeda.org