Compradores de Casa por Primero Vez

Interest Forms & Applications:

The County of Monterey has HOME and CalHOME funds provided by the State of California for a First Time Homebuyer Program. The County will be able to lend qualified households part of the down payment for a home in the unincorporated areas of the County.

The amount the County will loan is based on the amount of the first mortgage for which the applicant qualifies. HOME Program loan maximums are also based on the number of bedrooms in the home. The maximum loans are:

**CalHOME loan limit is $50,000.

The buyer must contribute towards the down payment. The standard requirement is 3% of the purchase price unless the buyer meets all other criteria and demonstrates financial hardship.

Maximum Sales Price: The maximum sales price of the home cannot exceed $355,000 or the limit approved by the State.
Qualifying Areas:

The home must be in an unincorporated area of Monterey County to qualify for the program. Some of the eligible un-incorporated areas include Boronda, Chualar, Castroville, Pajaro, and Prunedale.

Income Limits: First Time Homebuyer assistance is available to households with annual incomes at or below 80% of the median income for Monterey County. The 2008 annual income limits are as follows:

Households Maximum Size Income:

• 1 Person: $36,300

• 2 Person: $41,500

• 3 Person: $46,650

• 4 Person: $51,850

• 5 Person: $56,000

• 6 Person: $60,150

• 7 Person: $64,300

• 8 Person: $68,450

Annual income is based on the gross amount of income expected for the year by all adults in the family and evidenced by federal Income Tax Returns, W-2 forms, Form 1099’s, recent pay stubs and other income verification as described in 24 CFR Part 92.203 (b) (1-3).

Fill out a Program Interest Form and send it in to our office at:

You may request a Program Interest Form by mail if you'd prefer, simply call the County’s Housing and Redevelopment office at (831) 755-5390.

The County will send you a letter informing you whether or not you are eligible for the First Time Homebuyer program.

You should arrange to meet with a lender who is approved by the California Housing Finance Agency (CalHFA). The lender will require that you bring income verification. At the meeting, the lender will tell you the maximum loan amount for which you are qualified and the estimated amount of the County’s loan. You will be required to pay the lender for a credit report.

If your total houshold income is not enough to purchase a home, you may still be able to buy a home using a co-borrower. If you have a co-borrower, you both should meet with the lender and be pre-qualified before you look for a home.

Select a realtor and ask them to help you find a home in your price range. Once you find a home, you and your realtor will write a purchase contract and the realtor will take it to the seller. When the seller has accepted the offer to purchase the home, the realtor will open an escrow for you at a title company.

The loan approval and escrow will take about 60 days. During this period, you will need to pay your part of the down payment to the title company.