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Downpayment Assistance Program (SCC40K Loan Program)

Published on: 4/16/2014 9:18 AM
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Jan 2014:

Applications are currently being accepted for the County's $40,000, SCC40K Downpayment Assistance Program. 

WHEN TO APPLY:

  • Application are submitted to the County AFTER the applicant has have made an offer on a qualified property and the offer has been accepted by the seller but before the close of escrow.

STEP TO QUALIFY:

  • Meet the Maximum Income Limit.
  • Meet the Property Eligible Jurisdiction Requirement.
  • Property meets the Maximum Purchase Price Limit.

In addition to the above requirements the homebuyer must :

  • Meet the Maximum Debt to Income ratio's
  • Meet the other underwriting criteria listed in the Underwriting Guide and Manual below.

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.)

 

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

 

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.


The SCC40K loan can be used for

  1. Down Payment Assistance
  2. Closing Cost Assistance

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.



SCC40K DOWMPAYMENT APPLICATION PLUS ATTACHMENTS

  1. SCC 40K Down payment Assistance Loan Application (Oct. 2012)
  2. SCC 40K HOME Program Contract b/w Borrower and County
  3. Example Model Energy Code Letter (For New Construction Only)
  4. W-9 Form
  5. Protect Your Family From Lead In Your Home (EPA)
  6. Lead Poisoning is Preventable (SCC Public Health)


OTHER DOWNLOABLE DOCUMENTS

  1. Participating SCC40K Lender List
  2. Lender SCC40K Participation Agreement
  3. SCC40K MANUAL/UNDERWRITING GUIDELINES (April 2014)

LOAN DOCS

  1. Example Blank SCC 40K HOME Deed of Trust
  2. Example Blank SCC 40K HOME Promissory Note

 

For More Information Please Contact:

Tracy Cunningham
County of Santa Clara
Management Analyst
Office Of Affordable Housing
70 West Hedding Street, East Wing, 7th Floor
San Jose, CA 95110
Phone: (408) 299-5765