Fresno Officials Announce Availability of Funds for First-Time Homebuyers
The City of Fresno today announced that it will start accepting homebuyer loan packages from participating lenders for its First-Time Homebuyer Program beginning May 3, 2010.
The First-Time Homebuyer Program will provide no-interest loans of up to $50,000 to eligible low-income families to assist them in purchasing their first home. Loans will be funded on a first-come, first-served basis until all funds are depleted.
A prospective buyer must be a first-time homebuyer, meet income requirements, contribute at least 3 percent of the home sales price as a down payment, complete a city-approved homebuyer education training class, and qualify for a home purchase mortgage from an approved list of lenders.
A First-Time Homebuyer Program loan is due the earlier of 30 years, upon sale of the home, transfer of title or when the home is no longer the buyer's principal residence.
The City expects to assist about 28 families in purchasing homes through the program. Families can purchase a home in any part of the City of Fresno, excluding County islands. Homes must pass a health and safety inspection as undertaken by the City.
Funding for this program is made available through the State of California CalHome Program and the U.S. Department of Housing and Urban Development. Lenders who would like to participate in the program should call (559) 621-8300 for more information. Potential homebuyers seeking more information can visit www.fresno.gov/housing or call (559) 621-8300.