Mortgage Assistance Program
for Santa Cruz County
PROGRAM SUMMARY
Get up to $100,000 to purchase your first home!
Habitat Monterey Bay helps first-time homebuyers looking to purchase a home in Santa Cruz County. Eligible households can qualify for up to $100,000 in mortgage assistance to help with the down payment on a single-family home, condo, or townhome. Can exceed $100,000 under certain circumstances.
For 35 years, Habitat for Humanity Monterey Bay has been helping low-income families build and buy homes they can afford. We believe that home ownership transforms the lives of individuals and families, creates stability for future generations, and builds stronger neighborhoods and communities. We envision a world where everyone has access to a safe, decent, affordable place to live.
This program expands our services beyond the homes Habitat builds. With this funding, we are able to help families become first-time homeowners by purchasing an existing home in the community.
PROGRAM FEATURES
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Up to $100,000 in gap financing to help families put a down payment on a home
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0% interest loan, payable as a balloon payment at 30 years, funded by CalHome
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Can help households save on interest during the lifetime of the loan
ELIGIBILITY REQUIREMENTS
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Low-income (income not to exceed 80% of the area median income)
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Credit score (minimum 650, with exceptions for lower score)
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Must be a first-time homebuyer (not owned a home in the last 3 years)
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All people on the loan must also be included in the title
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Applicant must be a US Citizen
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Overall housing costs (mortgage, property taxes, insurance, HOA) cannot exceed 30% of monthly family income (exceptions subject to Board approval)