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:
In addition to the above requirements the homebuyer must :
- Meet the Maximum Income Limit.
- Meet the Property Eligible Jurisdiction Requirement.
- Property meets the Maximum Purchase Price Limit.
- Meet the Maximum Debt to Income ratio's
- Meet the other underwriting criteria listed in the Underwriting Guide and Manual below.
- 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:
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
- Down Payment Assistance
- 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
- SCC 40K Down payment Assistance Loan Application (Oct. 2012)
- SCC 40K HOME Program Contract b/w Borrower and County
- Example Model Energy Code Letter (For New Construction Only)
- W-9 Form
- Protect Your Family From Lead In Your Home (EPA)
- Lead Poisoning is Preventable (SCC Public Health)
- Participating SCC40K Lender List
- Lender SCC40K Participation Agreement (To become an approved Lender)
3. SCC40K Underwriting Guide and Manual Rev July 2013.pdf
- Example Blank SCC 40K HOME Deed of Trust
- Example Blank SCC 40K HOME Promissory Note
For More Information Please Contact:
County of Santa Clara
Office Of Affordable Housing
70 West Hedding Street, East Wing, 7th Floor
San Jose, CA 95110
Phone: (408) 299-5765