Concord Home buyer – first time buyer program | down payment assistance
Great news! The City of Concord has recently announced that they are bringing back their Concord CA first time buyer program, down payment assistance program. The program was discontinued about a year ago due to budgetary issues, and it’s back. You can get all the down payment assistance program information and eligibility at the City of Concord Home Bricks website.
Here’s the information for this great buyer program along with the information required to see if you are qualified to apply to the program. In addition, Concord has some “BMR” properties. BMR = below market rate homes. Some of these are brand new homes near downtown Concord and the Concord BART station (and you don’t need to be a Desperate Housewife to live on Concord’s Wisteria Lane)
July 27, 2012
Concord offers homebuyer assistance program
The City of Concord’s First Time Homebuyer Program is back after a year-long hiatus. The program provides down-payment assistance of between $20,000 to $40,000 toward the purchase of a home or condominium within the City of Concord, depending on the homebuyer’s income level.
Participants provide a 3 percent down payment, with the maximum loan amount set at 20 percent of the home’s sales price, up to $40,000. The City’s FTHB loan is a zero interest, 15-year loan. Loan payments are deferred, with the loan being due at the end of the 15-year period or earlier if the house is sold.
Funding for this opportunity is quite limited and being provided on a first come, first-served basis, based on completed applications received. For an application, checklist of requirements, preferred lender list and additional information, visit the Homebricks website at www.homebricks.com/cityofconcord. Homebricks is the City’s program administrator.
The City now also has State Begin Funds available to provide low-or-moderate-income First Time Homebuyers with assistance in purchasing a home in the new Wisteria Development on Willow Pass Road at Pt. Chicago Highway. Funding is available to provide $30,000 down payment assistance for three homes in the development.
In addition, the Wisteria project currently has two below-market rate units available for $315,000, one newly built and one soon to be under construction. Purchase of the below market rate homes is based on eligibility with income levels of no more that 120% of area median income. For example, a household of four making up to $112,200 a year would qualify for the program. The down payment assistance can also be used in coordination with this program. If you are interested in this opportunity, please see the Wisteria website atwww.wisteriaconcord.com/bmr.php and then submit your application through Homebricks. Application materials can be found at www.homebricks.com/cityofconcord.
To be considered for either loan program, residents must attend a HUD-Certified First Time Homebuyer class. The City of Concord sponsors certified classes with the next class scheduled August 25 at Centre Concord, 5296 Clayton Road. Visit www.crediteducation.org to sign up for classes. For more information, contact Senior Planner Joan Ryan, (925) 671-3370 or by email firstname.lastname@example.org.
Call me if you’re ready to buy in Concord! I am experienced with the neighborhoods of Concord and can help you find your new home. I’ve also had experience working with the City of Concord planning folks on the BMR and down payment programs in the past, so you’ve come to the right place!
Windermere Bay Area Properties
Walnut Creek, Concord, Clayton CA
City of Concord Market stats
Chart depicts Price (dark line) vs. Inventory (yellow line)