Thank you for your interest in the Down Payment Assistance Program. Please review the income
chart below to determine your eligibility:
|Program Income Limit
Down Payment Assistance Lender Training
RESCHEDULED to September 25, 2012
WHAT?: Down Payment Assistance Program Lender Training
WHEN?: September 25, 2012 from 9:00a.m. to 11:00a.m.
WHERE?: Inland Valleys Association of Realtors (IVAOR)
3690 Elizabeth Street
Riverside, CA 92506
FOR WHO?: Participating Lenders and Lenders interested in helping low-income families purchase their first home.
- The purchase price can not exceed $200,000
- The home must be in foreclosure, already in foreclosure or owned by the City of Riverside
or Housing Authority of the City of Riverside. Bank-owned properties (REOs) are eligible only
if the home has been vacant for 90 days minimum. Short sales are also eligible if the home is
still occupied by the owner or the home is being purchased by the current tenant. WE NOW ACCEPT STANDARD SALES.
- 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.
HOME and CalHome housing funded down payment assistance 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. The HOME funds accrue no interest on the loan; no interest will
accrue on the loan; instead, the City will have a proportionate share in the home’s equity
appreciation based upon the amount of assistance provided.
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.