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First-Time Homebuyer Program
The City of Soledad is please to offer a new First-Time Homebuyer Assistance Program to qualified low-income first-time homebuyers who wish to purchase their first home in Soledad.

Para información en Español oprima aquí o comuníquese con
la División de Viviendas del Departamento de Comunidad y Desarrollo Económico (831) 383-7987.

Program Overview
The Program offers assistance to low-income households in the form of a deferred payment "silent" second priority loans as "gap" financing toward the purchase price and closing costs of an affordable housing unit not-to-exceed the primary loan and not-to-exceed 40% of the purchase price or $55,000 (whichever is less).

The loan will write down the cost of the primary lender's loan so the the payments of PITI does not exceed 35% of the gross household income.  All households will be required to have impound accounts for the payment of taxes and insurance to ensure they remain current.

The primary loan must be fully amortized and have a term "all due and payable" in no fewer than 30 years.  The City will not allow balloon payments or stated income loans for the first trust deed. 

Special Points of Interest:
  • The Program is available to those who have not owned a home in the last 3-years.
  • Applicants must attend a City approved first-time homebuyer education class within 65 days of receiving a "Preliminary Eligibility Letter" from the City.
  • Homebuyers must contribute a minimum downpayment of 3% of the purchase price, but may contribute more if desired.  A minimum of 1% must be from the Applicant's own funds and up to 2% may be from other sources such as gifts, grant funds or forgivable loans.
  • The Applicant must occupy the home as their primary residence.
Summary of Program
Program Application

Resumen del Programa
Solicitud para el Progama

 

Additional requirements may apply.  For information, please contact City Representative, Rosa M. Camacho-Chavez, at PMC  Consulting (831) 383-7987 or via email at .

The City of Soledad complies with all state and federal fair lending regulations to assure nondiscriminatory treatment, outreach, and access.  Reasonable accommodations will be made for persons with disabilities upon request.

The City of Soledad has partnered with HRC to provide First-Time Homebuyer Education Classes.  Workshops will be held at the HRC office located at 134 East Rossi Street in Salinas.

Workshop Schedule (January - June 2012)
Please call HRC at (831) 424-9186 to RSVP


Contact the City of Soledad
248 Main St.
P.O. Box 156
Soledad, CA 93960
Ph: (831) 223-5000
Fx: (831) 678-3965
Email: info@cityofsoledad.com
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