This new Bay Area homebuyer program will offer up to $200,000 toward your down payment
A "Sale Pending" sign outside a house in Discovery Bay, California, U.S., on Thursday, March 31, 2022. Photographer: David Paul Morris/Bloomberg via Getty Images
OAKLAND, Calif. - A new program for first-time homebuyers in the Bay Area is offering residents as much as $200,000 in down payment assistance, making the lofty goal of homeownership a little more attainable.
The Home Access Program, created by San Jose-based nonprofit Housing Trust Silicon Valley, will provide down payment assistance of up to 40% of the home's purchasing price, up to $200,000.
The program is specifically for first-time homebuyers in Alameda and Contra Costa counties.
How does the Home Access Program work?
The down payment assistance is offered as a 30-year deferred loan – meaning the homebuyer will not pay a monthly principal or interest payment. The downpayment assistance will instead be owed at the end of the loan term.
If a homebuyer sells their property before the end of the loan term, the down payment assistance would be owed upon sale.
The program will offer downpayment assistance for single-family homes, townhomes and condominiums in Contra Costa and Alameda counties.
How to apply
Applications are set to open in May, according to Hong Ngo, homebuyer program manager at Housing Trust Silicon Valley.
In the meantime, potential homebuyers can sign up here to get notified when the application period opens.
State Farm asks California to raise homeowner insurance rates by 22%
State Farm wants to raise its rates by about 22% for California homeowners, which would affect about one million people.
Who is eligible for the program?
Dig deeper:
The program is open to first-time homebuyers who meet certain income requirements in Alameda and Contra Costa counties.
A first-time homebuyer is defined as, "someone who has not owned and occupied their home in the last three years, and who has not lived in a home owned by a spouse in the past three years," according to the California Housing Finance Agency.
To qualify for this program, homebuyers cannot have a household income exceeding 80% of the county's median income.
In Alameda County, that means a one-person household has to earn under $84,600 to be eligible.
A family of four in Alameda County is capped at $120,800.
To see the full income limits for both counties, click here.
In addition to meeting the first-time homebuyer and income requirements, applicants must also contribute a minimum of 3% of the home's purchasing price, complete a homebuyer education class through the U.S. Department of Housing and Urban Development and obtain pre-approval from a program-approved lender.
How is the program funded?
Housing Trust Silicon Valley notes there is a limited amount of funding for the program that comes from the nonprofit's CalHome Reuse Funds.
CalHome is a state program through California's Department of Housing and Community Development. It provides grants to nonprofits and organizations, like Housing Trust Silicon Valley, that can then be dispersed via a loan to first-time homebuyers.
CalHome does not provide funds directly to homebuyers.
Trump tariffs: Americans urged not to panic buy
Financial advisers urge American consumers to start budgeting and saving instead of panic buying amid President Trump's issuance of tariffs.
How much is the average home in Alameda County?
The average home in Alameda County sells for $1,009,167, while the average list price is $858,600, according to Zillow.
How much is the average home in Contra Costa County?
The average home in Contra Costa County sells for 756,833, while the average list price is 723,796, Zillow reports.
The Source: Housing Trust Silicon Valley, Zillow