This program provides flexible second mortgages to help families purchase their first home in the unincorporated areas of Placer County. The First Time Homebuyer Assistance Program loan can help make mortgage payments more affordable. If you are interested in learning more fill out this Housing Program Interest Form. Loans are available on a first-come/first-serve basis for qualified applicants that meet the program requirements and are ready to make a home purchase.
You must be a First Time Homebuyer defined as:
A household who has not owned a home (other than a mobile home) in the past 3 years or;
A displaced homemaker who has not worked on a full-time basis for 12 consecutive months in the past two years or;
A single parent who is unmarried or legally separated from their spouse and has custody or joint custody of a minor or;
A household who owned a home not fixed on a permanent foundation or own a home out of compliance with local, state or model building codes whose cost to bring their structure into compliance would be more than the cost of constructing a permanent structure.
You must be pre-approved for a first mortgage loan.
You must make less than 80% of the County's Median Income for your household size. The current income limits are:
Income Limits (as of April 1, 2021) by Household Size
Source: State Income Limits for 2021, HCD Memorandum dated April 26, 2021
You must have 3% of the total purchase price available at the time of application. These funds cannot be in the form of a loan.
The eligible property must be located in unincorporated Placer County.
If you do not meet these income limits check out GSFA's housing programs here for more housing assistance programs.