Low Income Loans for purchasing a home Vista CA
I get asked this question about many Cities where buyers ask me, a Realtor about this. Usually, my job is to locate a home and help them through that, but they do expect me to show my expertise in how they can afford a home. For this post, I will focus on a low income loan program offered by the City of Vista, CA.
The low income loan program is called the Vista Home Ownership Program (VHOP).
VHOP provides a loan up to $60,000 for condos and single family homes that doesn't require payments and isn't paid off until the home sells or is refinanced.
Who can apply for the Vista low income loan program?
Anyone with Low or moderate income households can apply
Follow the guidelines using the chart below:
Income requirement chart:
Family size Low income maximum Moderate income maximum
|
1
|
|
$48,250
|
|
$62,950
|
|
2
|
|
$52900
|
|
$71,900
|
|
3
|
|
$59,500
|
|
$80,900
|
|
4
|
|
66,100
|
|
$89,900
|
If you have more than 4 in your household and if you want more detailed info, go to http://www.cityofvista.com/departments/redev/documents/HomeBuyerBrochureEnglish5-17-10.pdf
What are the requirements for qualifying for low income loans (VHOP)?
- Must be in Vista City limits
- Serves low income and moderate income households
- A homebuyer must contribute a minimum $3000 towards the purchase price.
The loan requires NO Payments!
According to Kathleen Stratton, Vista low income loan specialist with Wells Fargo, "The City of Vista down payment assistance is a loan rather than a grant so eventually it must be paid back. But it's a "silent 2nd" because there are no payments as long as you live in the home and don't refinance to take equity out. This makes the home you buy more affordable for you and your family."
How to Apply for low income loans in Vista: Contact an approved lender to see if you qualify. The lender will process the City application for approval. You may have to attend a HUD approved home ownership counseling class to determine credit and financial readiness.
With any loan programs, the best first step is to call a lender who is qualified to write this type of loan in the City you want to buy in. One lender who is qualified to help you with the Vista Loan program is Kathleen Stratton, Home Mortgage Consultant with Wells Fargo Home Mortgage.
Contact Kathleen and receive a FREE, NO OBLIGATION pre-qualification for the Vista Low Income Loan Program. Email Kathleen: Kathleen.M.Stratton@wellsfargo.com
or visit her Wells Fargo website: https://www.wfhm.com/loans/kathleen-stratton/index.page
or call her at (760) 525-9204 Tel
Kathleen Stratton, Wells Fargo Home Mortgage Consultant
Once you know if you will qualify for a low income loan to purchase a home, you are ready to start searching! Contact me now or do a search of homes in the price range you want.
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