Down Payment Assistance
Thank you for your interest in our Down Payment Assistance Program. The City of Riverside has recently been awarded a CalHOME Grant from the State of California Department of Housing & Community Development. Funds
are now available. Please contact a lender from our
approved Lender list below in the Program Documents Box
to get started.
Please Review income chart below to determine your eligibility:
|Program Income Limit
- The home may be a single-family residence, condo, townhome or manufactured home that meets
Fannie Mae conventional guidelines and is considered real property.
- The home must be free from any substantial health, safety or code issues and/or lead-based
- The home must be located within Riverside city limits.
In order to qualify for the DPA Program, the following must be met:
- The home purchased must be your primary place of residence.
- You must be able to contribute a minimum of three percent of the purchase price, two
percent of which can be a gift from immediate family, a church, an employer or non-profit
- Your credit score must meet City-established guidelines.
- You cannot have owned a home in the last three years.
- You cannot currently own any real property.
CalHome funded down payment assistance loans are provided at a three percent simple interest.
The loans require no monthly payments. Repayment is deferred for 30 years, unless the borrower
sells, transfers, refinances or converts the home to a rental property.
Maximum Down Payment AssistanceApplication
The maximum amount of assistance cannot exceed 25% of the sales price.
- Select a lender from the participating lenders list (see attached document). The lender
will pre-qualify you and submit a package to the City for pre-approval (see attached
- Attend a HUD-approved homebuyer education class provided by Fair Housing Council of
Riverside County (951-682-6581) or Neighborhood Housing Services of the Inland Empire, Inc.
- Find a home to purchase that meets program and pre-approval requirements after you have
been prequalified by the City of Riverside for DPA.
Funds are limited and are available on a first-come, first-served basis.
3900 Main Street 3rd Floor
Riverside, CA 92522
|Monday - Friday
||7:30 am - 5:00 pm
|Closed Major Holidays
Printed from: http://www.riversideca.gov/housing/downpaymentassistance.asp