Income restrictions apply to these programs and vary depending on the number in your family.
We will assume that you have a four person family, but programs vary according to family size and household income.
You are only eligible for these programs if you have not owned any real estate in the past 3 years.
First Time Buyers in the Unincorporated Santa Cruz County
(FTHB Down Payment Subsidy)
If you earn $80,650 or less, you may be eligible for a Down Payment Subsidy of 25% of the purchase price on a Single Family Home, Town Home, or Condominium with only a 5% down payment requirement. The maximum purchase price is $425,000. There is no monthly payment or interest charged for as long as you own and occupy the home. The Subsidy, plus a share of the home’s appreciation, is paid back upon sale or transfer of the home.
First Time buyers within the City of Santa Cruz (Silent Second)
If you earn $74,000 or less, no Down Payment is required! The SC First Time Homebuyer Program provides a “Silent” Second mortgage that requires no payments on principle or interest until you sell your home. The second also becomes due and payable when the first mortgage is due, you refinance the first with cash-out, you default on payments, or you no longer occupy the home, interested is deferred and calculated as a percentage of the increase in value of the property over the course of your ownership. Purchase price may not exceed $503,975 and the home must be owner-occupied.
First Time Buyers in the Unincorporated Santa Cruz County (Measure J)
If you earn $101,050 or less, there are over 500 homes in the unincorporated County fixed at an affordable price. Prices very but 3br homes are available as low as $265,000 and 4br homes as low as $325,00 with as little as 3% down payment.
(article via Mark Lawsen of Seabright Mortgage, Santa Cruz.)