The First Time Homebuyer (FTHB) Loan Program provides down payment assistance to households at or below moderate income that are purchasing a market-rate or co-op home in Emeryville, in the form of a low-interest, deferred-payment loan.
Key program details include the following:
The loan interest rate is 75% of the first mortgage interest rate, or 5%, whichever is less.
The borrower must make at least a 3% down payment and occupy the unit as a primary residence during the duration of the loan term.
The loan amount may be no greater than 150% of the buyer’s down payment amount and no greater than 20% of the full purchase price.
The sale price may not exceed the maximum affordable sales price for moderate-income households. To view the current price limits, which the City updates annually and vary based on the number of bedrooms, see this table (PDF).
The loan is due upon sale or transfer, when the unit ceases to be owner-occupied, or in 30 years, whichever comes first.