First Time Homebuyer Program
Overview
CHDC created our First Time Homebuyer Program in 2002 so that residents of the neighborhoods where we were developing affordable homes for sale would be able to buy the homes that we built. Since then, CHDC has assisted more than 400 low-income households to purchase homes. About half of these homes are properties CHDC developed, and we have assisted other developers to find eligible buyers for affordable homes within their new developments.
CHDC's First Time Homebuyer Program helps low and moderate income potential homeowners surmount the barriers that they commonly experience. For example, lower income buyers can have difficulty qualifying for traditional loans, and can be more vulnerable to predatory or high-risk lending practices. CHDC educates buyers about loan products and terms, counseling them to obtain financing they can afford, plan to avoid future problems and build equity over time. As an indication of our success, foreclosure among the 400+ homebuyers in this program has been extremely rare.
City of Pinole First Time Homebuyers
CHDC is managing the City of Pinole's First Time Homebuyer Program starting in March 2010. If you are a Pinole resident, or want to be a first time homebuyer in Pinole, please download and complete CHDC's First Time Homebuyer Program Intake Form in English or Spanish and plan to attend an upcoming orientation. For further information please contact LaToya Carr by or phone (510) 412-9290 x26.
How the Program Works
Through a combination of individual counseling and informational workshops, CHDC's First Time Homebuyer Program will teach you how to prepare financially, shop for your home, arrange your financing and complete your purchase. Once you have completed 8 hours of group education and met with your counselor, CHDC will issue a certificate of completion in first time homeowner education required by Fannie Mae, Freddie Mac and and to obtain an affordable FHA mortgage. We also offer special financing to qualifying buyers to assure your purchase is affordable. Workshops and counseling are offered in English and Spanish.
We recommend you attend one of our monthly orientation sessions to learn more and enroll in the program. Orientations are held on the last Thursday of every month.
The next orientation is scheduled for: Calendar
Once you attend the orientation and submit your enrollment form with attachments, you will be invited to attend workshops and then receive individual counseling. By completing the workshops and counseling, you can obtain:
- First Time Homebuyer Workshop Certification
- Credit Counseling
- Loan Qualification Analysis
- Loan Document Review
- Budget Planning
- Facilitation of Down Payment Assistance
- Deed Restriction Counseling
- Lender Referrals
- Real Estate Referrals
Eligibility Criteria
While CHDC will assist anyone interested in purchasing a home, to qualify for downpayment assistance and other affordable homeownership opportunities, you must qualify as a first time home buyer. This means you cannot have owned a home within the past three years. In order to receive our pre-purchase class series, you must submit a complete application with all requested attachments. Applications are reviewed in the order in which they are received.
To purchase your home you will typically need:
- A positive credit report
- Money available for down payment and closing costs for the home you wish to purchase (CHDC's Cal-Home and CC-MATCH programs may be able to help you with this)
- Enough household income to make loan payments and meet your other existing expenses
- To purchase a below market rate or other affordable home, you must have an income that does not exceed the income limits for your household size (see table to the right). Please be aware that some properties may have lower income limits.
| Number of People in Household | Annual Income Limits |
|---|---|
| One | $69,630 |
| Two | $79,530 |
| Three | $89,430 |
| Four | $99,330 |
| Five | $107,360 |
| Six | $115,280 |
| * Current as of May 2010 | |
| Number of People in Household | Maximum Annual Income for CHDC Cal-Home Down Payment Assistance |
|---|---|
| One | $45,100 |
| Two | $51,550 |
| Three | $58,000 |
| Four | $64,400 |
| Five | $69,600 |
| Six | $74,750 |
| Seven | $79,900 |
| Eight | $85,050 |
| * Current as of May 2010 | |
Program Enrollment
If you would like to enroll in the First Time Homebuyer Program, please attend the orientation and download the application below. You can turn in the application and copies of required accompanying documents at the orientation or by sending it to our office located at 1535-A Third Street, Richmond, CA 94801. Please note that we cannot accept original documents and we cannot make copies of your original documents at our office. For additional questions, information in Spanish, or disability accommodations, please telephone us at (510) 412-9290, ext. 26.
