The City of Hayward is committed to increasing the number of residents who own their homes especially in this tough time. The city recognizes that there are many families who want to own a home and can qualify for a mortgage and afford the monthly payments, but are unable to save enough for a down payment. The First-Time Home buyer Program (FHP) helps eligible families purchase a home in the City of Hayward.
The First-Time Home buyer Program is designed to work with a number of different mortgage programs. The program provides down payment and closing cost assistance.
Am I eligible for the Program?
It is designed to help first-time home buyers who, without city assistance would not be able to own a home.
It is best to call to see if you qualify. To try and figure out all the components yourself would be difficult. My pre-approval are FREE OF CHARGE.
To qualify, you must not have owned a home, condominium or town home within the last three (3) years.
You must not earn more than 120% of the area median income adjusted by household size as listed in the following table:
First-Time Homebuyer Program Income Limits
What kind of home can I purchase?
You may purchase any new or existing home, single-family detached, town home town home (no manufactured housing units, duplexes or mobile homes).
The home must be located within the municipal boundaries of the City of Hayward (i.e., homes within the unincorporated areas do not qualify for assistance).
The maximum purchase price of the residence may not exceed $400,000.
The City cannot provide assistance to purchase properties with health and safety deficiencies or structural problems.
Can my family really afford to own a home?
Buying a home is the largest purchase most families will ever make. A requirement of the down payment assistance program is attendance one of the City’s free Homebuyer Workshops. The Workshop takes you through the home buying home buying process step-by-step. Topics include deciding whether homeownership is right for you, shopping for a home that meets your needs, obtaining a home mortgage, closing the sale, and even maintaining your new home. You will know more home buying home buying and will be able to negotiate the purchase and financing of the home you want. You will understand the terms of your mortgage and be confident that you can afford home ownership.
What are the terms of the FHP loan?
The City will provide qualified homebuyers up to $20,000.00, which includes:
Down Payment Assistance; and/or Closing Cost Assistance
The FHP assistance is a 30yr loan, Loans are amortized over 30 years. The interest rate is based on the Federal Home Bank - 11th District Cost of Funds Index (COFI) at the time of City approval. The loan is secured by a second deed of trust. This city program differs from surrounding city down payment assistance programs. Monthly payments ARE made.
You must down payment a down payment of at least 3% of the purchase price, plus funds for recurring closing costs unless used in conjunction with an FHA loan which requires a 3.5% down payment per FHA.
Do I need to qualify for a mortgage?
Yes. In order to receive assistance, you must qualify for a home mortgage. Any of the participating lenders listed in this brochure can determine if you qualify for a first mortgage and for the City’s First-Time Home buyer Assistance Program. You must use one of the lenders approved with the City of Hayward. Vintage Mortgage Group the company where my license is hung is an approved lender. Contact Joanne with the city of Hayward with any questions.
How do I get started?
1. Contact myself Brian LeBars at 925-484-5363. I have a proven track record with closing these loans.
2. Become Pre-Approved for a First Mortgage contact Brian LeBars at 925-484-5363 to be pre-approved for a home loan and to check your eligibility for the First-Time Home buyer Assistance Program. You MUST use a participating lender.
3. Find a Home and locate an eligible house or town home within the incorporated areas of Hayward.
4. Attend a First time Home Buyer seminar.
5. Sign a Contract- Enter into a written contract with the seller to purchase the property. On a side note it does make a difference the agent you use. See…City of Hayward Down Payment Assistance success story.
6. Finalize your Mortgage- See your lender to finalize your mortgage and FHP loan. The lender will submit an application to the city for approval. The city will verify your eligibility and that of the home to be purchased and approve the FHP loan.
7. Sign the Loan Papers- Following application approval, you will sign the FHP loan documents and the first mortgage loan documents before the close of escrow.
8. Enjoy Your New Home! The city will deposit the down payment and/or closing assistance funds in the escrow account for your mortgage. When escrow closes, you are now able to move into your new home!
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