Low-income residents planning to buy their first homes may be eligible for down-payment assistance administered by the Placer County Redevelopment Agency.
The First Time Homebuyer Assistance Program is open to low-income residents buying homes in unincorporated areas of Placer County.
To qualify for down-payment assistance through the program, a potential home buyer must:
— Be a first-time buyer.
— Be pre-approved for a first mortgage loan.
— Have at least 3 percent of the total purchase price available for the down payment, funds that cannot be in the form of a loan; and identify an eligible property for sale in an unincorporated area of Placer County.
Through the program, the county provides a 30-year, second-mortgage loan that is not due and payable until a home is sold or transferred.
Details on the program can be found online at www.placer.ca.gov/Departments/CEO/Redevelopment/housing.aspx.
More information is also available by calling Joyce A. Pope at (530) 745-3168 or Cathy Donovan at (530) 745-3170.