The City of Temecula FTHB Program is designed to provide loan assistance to lower income persons in the purchase of their first home. The amount of assistance available depends on the buyers qualifications and the price of the home. The maximum amount of assistance is 20% of the purchase price plus closing costs up to a total of $65,000.
Loan Terms: This is a 30 year 2nd mortgage loan at 5% interest. The loan is deferred for the first 5 years, then fully amortized in years 6 – 30. If the borrower transfers title, ceases to occupy the property as his or her principle residence, or refinances with cash taken out, the loan becomes due and payable.
To Qualify: The purchased cannot have owned a home for the previous three years. Tax returns will be reviewed and the buyer must sign a sworn affidavit that they have not owned a home.
Buyer Requirements: The buyer must have sufficient income and credit-worthiness to qualify for a first mortgage through a participating lender. In addition, the buyer must provide a minimum of 3% of the purchase price as a down payment from their own funds and must accept the highest loan-to-value ratio first loan for which they qualify.
Maximum Home Price: The purchase price of the home is limited only by the applicants ability to qualify for financing. The purchase price shall not exceed fair market value indicated by a property appraisal.
Eligible Properties: The FTHB Program may be used to purchase any new or resale home that is 1) in the City Limits; 2) Permanently affixed to a permanent foundation; 3) has a minimum of 2 bedrooms; and is 4) currently occupied by the Seller or vacant (tenant occupied homes are not eligible). The purchaser MUST reside within the home within 60 days of purchase.
The home must be in sound condition and meet housing quality standards as determined by the RDA and building and safety standards. The borrower shall agree to maintain the home in good condition and shall be required to obtain a one-year home warranty as part of the home purchase.
Family Size/ ¦lt;br /> Max Income 1 / $52,100 2 / $59,500 3 / $67,000 4 / $74,000 5/ $80,400 6 / $86,300 7 / $92,300 8 / $98,200
Information valid as of 10/09. For current information on fund availability, contact The City of Temecula Redevelopment Agency, Emery Papp @ 951-693-3955. www.cityoftemecula.org