Down Payment Assistance ~ Riverside

Down Payment Assistance

Thank you for your interest in our Down Payment Assistance Program. The City of Riverside has recently been awarded a CalHOME Grant from the State of California Department of Housing & Community Development. As of January, 2016, funds are still available!  Please contact a lender from our approved Lender list below in the Program Documents Box to get started.

Please Review income chart below to determine your eligibility:

Household
Size
Program Income Limit
1 person $37,550
2 persons $42,900 $41,600 to $62,400
3 persons $48,250 $46,800 to $70,200
4 persons $53,600 $52,000 to $78,000
5 persons $57,900 $56,200 to $84,250
6 persons $62,200 $60,350 to $90,500
7 persons $66,500 $64,500 to $96,700
8 persons $70,800 $68,650 to $102,950

<!–

DPA PROGRAM LENDER TRAINING DATE

THURSDAY – OCTOBER 24, 2013
9:00AM TO 11:00AM
RIVERSIDE COUNCIL CHAMBERS
3900 MAIN STREET
RIVERSIDE, CA 92522
R.S.V.P. AT BMERCADO@RIVERSIDECA.GOV

–>

Program Guidelines:

  • The home may be a single-family residence, condo, townhome or manufactured home that meets Fannie Mae conventional guidelines and is considered real property.
  • The home must be free from any substantial health, safety or code issues and/or lead-based paint hazards.
  • The home must be located within Riverside city limits.

Eligibility Criteria
In order to qualify for the DPA Program, the following must be met:

  1. The home purchased must be your primary place of residence.
  2. You must be able to contribute a minimum of three percent of the purchase price, two percent of which can be a gift from immediate family, a church, an employer or non-profit agency.
  3. Your credit score must meet City-established guidelines.
  4. You cannot have owned a home in the last three years.
  5. You cannot currently own any real property.

Loan Terms

CalHome funded down payment assistance loans are provided at a three percent simple interest. The loans require no monthly payments. Repayment is deferred for 30 years, unless the borrower sells, transfers, refinances or converts the home to a rental property.

Maximum Down Payment Assistance
The maximum amount of assistance cannot exceed 25% of the sales price.

Application Process

  1. Select a lender from the participating lenders list (see attached document). The lender will pre-qualify you and submit a package to the City for pre-approval (see attached application).
  2. Attend a HUD-approved homebuyer education class provided by Fair Housing Council of Riverside County (951-682-6581) or Neighborhood Housing Services of the Inland Empire, Inc. (909-884-6891)
  3. Find a home to purchase that meets program and pre-approval requirements after you have been prequalified by the City of Riverside for DPA.

Funds are limited and are available on a first-come, first-served basis.

~ Don’t delay these funds can disappear at anytime!! ~

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