Housing Authority

Thank you for your interest in the Down Payment Assistance Program. Please review the income chart below to determine your eligibility:

Household Size	Program Income Limit
1 person	$37,550
2 persons	$42,900
3 persons	$48,250
4 persons	$53,600
5 persons	$57,900
6 persons	$62,200
7 persons	$66,500
8 persons	$70,800

Program Guidelines:

• The purchase price can not exceed $200,000
• The home must be in foreclosure, already in foreclosure or owned by the City of Riverside or Housing Authority of the City of Riverside. Bank-owned properties (REOs) are eligible only if the home has been vacant for 90 days minimum. Short sales are also eligible if the home is still occupied by the owner or the home is being purchased by the current tenant.
• The home may be a single-family residence, condo, townhome or manufactured home that meets Fannie Mae conventional guidelines and is considered real property.
• The home must be free from any substantial health, safety or code issues and/or lead-based paint hazards.
• The home must be located within Riverside city limits.

Eligibility Criteria
In order to qualify for the DPA Program, the following must be met:

1. The home purchased must be your primary place of residence.
2. You must be able to contribute a minimum of three percent of the purchase price, two percent of which can be a gift from immediate family, a church, an employer or non-profit agency.
3. Your credit score must meet City-established guidelines.
4. You cannot have owned a home in the last three years.
5. You cannot currently own any real property.

Loan Terms
HOME and CalHome housing funded down payment assistance loans require no monthly payments. Repayment is deferred for 30 years, unless the borrower sells, transfers, refinances or converts the home to a rental property. The HOME funds accrue no interest on the loan; no interest will accrue on the loan; instead, the City will have a proportionate share in the home’s equity appreciation based upon the amount of assistance provided.

CalHome funded down payment assistance loans are provided at a three percent simple interest. The loans require no monthly payments. Repayment is deferred for 30 years, unless the borrower sells, transfers, refinances or converts the home to a rental property.

Maximum Down Payment Assistance
The maximum amount of assistance cannot exceed 25% of the sales price.

Application Process

1. Select a lender from the participating lenders list (see attached document). The lender will pre-qualify you and submit a package to the City for pre-approval (see attached application).
2. Attend a HUD-approved homebuyer education class provided by Fair Housing Council of Riverside County (951-682-6581) or Neighborhood Housing Services of the Inland Empire, Inc. (909-884-6891)
3. Find a home to purchase that meets program and pre-approval requirements after you have been prequalified by the City of Riverside for DPA.

Funds are limited and are available on a first-come, first-served basis.

Down Payment Assistance Lender Training

WHAT?: Down Payment Assistance Program Lender Training

WHEN?: July 26, 2012 from 9:00a.m. to 11:00a.m.

WHERE?: 3900 Main Street
Riverside, CA 92501
Mayor's Ceremonial Room - 7th Floor

FOR WHO?: Participating Lenders and Lenders interested in participating in the program.

RSVP: bmercado@riversideca.gov