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:
|Program Income Limit|
|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
- 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.
In order to qualify for the DPA Program, the following must be met:
- The home purchased must be your primary place of residence.
- 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.
- Your credit score must meet City-established guidelines.
- You cannot have owned a home in the last three years.
- You cannot currently own any real property.
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.
- 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).
- 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)
- 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!! ~