SCC40K Downpayment Assistance Program

Published on: 4/17/2013 12:39 PM

3/19/2013:

Applications are currently being accepted for the County SCC40K Downpayment Program. One $40,000 loan and one $10,000 loan are available.

The SCC40K loan can be used for

Down Payment Assistance
Closing Cost Assistance
Interest Rate Buy down, or
Any combination of the above.

Eligible Jurisdictions

Campbell
Los Altos
Los Altos Hills
Los Gatos
Morgan Hill
Monte Sereno
Saratoga, and
Unincorporated Areas of the County - Click to search if property is unincorporated.
(If the search results states is incorporated (San Jose). No further data will be gathered. Then the property is located in the City of San Jose and does not qualify.)

Loan Terms and Rate

30 year, deferred @ 3% interest for 4 years then 0% beginning in year 5
Deferred = no payments. Loan due upon sale, cash-out refinance, or transfer of ownership.

Maximum Income and Purchase Price Limits

Maximum Purchase Price Limit : $570,000 (new or resale property)
Maximum Income Limits:

FY 2013 Uncapped Low Income Limits by Household Size Effective: February 11, 2013
Household Size	1	2	3	4	5	6
Income Limits	$56,700	$64,800	$72,900	$81,000	$87,500	$94,000

FY 2013 Uncapped Low Income Limits by Household Size

Effective: February 11, 2013

Household Size

Income Limits

$56,700

$64,800

$72,900

$81,000

$87,500

$94,000

NOTE: The County uses HUD Uncapped Low Income Limits
for High Cost Areas. For HOME funded programs the County uses the
"Part 5" definition of income found at 24 CFR 5.609. The Part 5 definition
of annual income is the gross amount of income of all adult household
members that is anticipated to be received during the coming 12-month
period. Adults are defined as all household members 18 and over.

SCC40K DOWMPAYMENT APPLICATION PLUS ATTACHMENTS