The City of Santa Clarita is inviting local residents to add their names to an interest list for the next round of home loans offered through the FirstHOME Program.
FirstHOME assists eligible, low and moderate income families in purchasing their first home and is made possible through grant funding provided by the California Department of Housing and Community Development.
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The program offers a low-interest, deferred-payment second mortgage to be used as a down payment on a home within City boundaries. Household income limits vary based on household size – for example the maximum annual income for a household of four is $67,450.
Interested families may add their names to a running list of possible program participants. The public can add their names to the interest list and access additional information by visiting Santa-Clarita.com/housing, and clicking on the link under “FirstHOME Interest List.” Those on the list will receive information from the City about informational meetings on the loan program, which are scheduled to take place this summer.
Due to limited funding and high demand for FirstHOME loans, those who attend the informational meetings will be entered into a lottery, which provides priority placement in the application process. Applicants who have lived or worked in City limits for at least the last six months will also be given priority in the lottery.
Homes purchased through FirstHOME may be single family or condominiums located within City boundaries. Loans are not eligible for mobile home purchases and cannot exceed 50 percent of the sale price of the home. Additional limits on the number of bedrooms and total loan amounts also apply. Home loans are anticipated to be available in early 2013.
For more information on FirstHOME eligibility requirements, call (661) 286-4141 or visit Santa-Clarita.com/housing.