Special Loan Assists Programs for Santa Clara County

There  are a few loan programs put togethered by Housing Trust of Santa Clara County are available for first time buyers.

A. CCAP — Closing Cost Assistance Program
1.Differed loan of 3% of the purchase price up to $15,000 for down payment and/or closing costs.
2. 3% simple interest rate loan due on sale or refinance of home, or in 30 years.
3. No interest or principal payments due during term of loan.
4. For first-time homebuyers who have not owned a home in Santa Clara County during the past three years.
5. Minimun 3% contribution required.

B. MAP — Mortgage Assistance Program
1. Maximum loan amount 17% of purchase price up to $85,000
2. Amortizing second loan with interest and principal payments due monthly.
3.Interest rate for the MAP loan is 1% higher than the interest rate of 1st loan. 30 year term.
4. For first-time homebuyers who have not owned a home in Santa Clara County during the last 3 years.
5. Minimum 3% borrower contribution required.

C. PAL — Purchase Assistance Loan Program 
1. Differed 2nd loan up to $50,000 to help with the purchase of foreclosed and abandoned homes and those at risk of foreclosure in San Jose.
2. 30-year loan with 0 interest. Payment deferred until the expiration of the term, sale of home or refinance of the first mortgage.
3. Purchase price of home must be 1% below appraised value.
4. Property subject to environmental review and home inspection by the City of San Jose.

For  more information, qualifications, and how to apply, please visit Santa Clara County Housing  Trust website: www.housingtrustscc.org








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