What is the Down Payment Assistance Program?
Shasta County Housing and Community Action Programs provides 0% interest loans to qualified low-income, first-time home buyers to help with their down payment and closing costs. The program is available in the unincorporated area of Shasta County and inside the City of Anderson.
How much can you borrow?
The loan amount can be up to 40% of the purchase price. At the maximum purchase price of $200,000.00, the DAP loan could be as much as $80,000.00. The borrower must contribute at least 3% of the purchase price to the sale transaction. This may be a gift.
Who is eligible?
The program is available to first-time home buyers, who qualify under the following income guidelines. Gross household income must be below these limits.
A first-time home buyer is someone who has not owned a home in the last 3 years, or who qualifies as a “displaced home-maker”.
|
Household Size |
Annual Income |
Monthly Income |
|
1 |
$30150 |
$2512 |
|
2 |
$34450 |
$2870 |
|
3 |
$38750 |
$3229 |
|
4 |
$43050 |
$3587 |
|
5 |
$46500 |
$3875 |
|
6 |
$49950 |
$4162 |
|
7 |
$53400 |
$4450 |
|
8 |
$56850 |
$4737 |
How do you Apply?
• Visit the Department of Housing and Community Action Programs to place your name on the waiting list for an application.
• Within 2 to 3 weeks, you will receive a letter asking you to pickup your application package.
• Return the completed application along with the requested documentation to our office.
• Contact me to obtain a pre-qualification letter. |