First Time Homebuyer Program is no longer available. Please check back in April 2018 for funding updates.
The City of Hesperia is pleased to announce funding availability for the First Time Homebuyer (FTHB) Program. The FTHB Program is funded from the City’s annual allocation of Community Development Block Grant (CDBG) funds. The City of Hesperia receives an allocation of CDBG funds from the U.S. Department of Housing and Urban Development.
The FTHB Program will provide zero-interest (0%) loans that will be deferred for 30 years. The funds will be made available to eligible first time homebuyer households whose incomes do not exceed 80% of the San Bernardino County Area Median Income (“AMI”) adjusted for household size.
Loans are based on need and may not exceed the lower of: the amount required to maintain a 33% front end ratio, 20% of the sales price of the property, or the maximum loan amount of $30,000. The funds can be used for principal loan reduction and closing cost assistance. Property eligible for acquisition under the FTHB Program includes residential real property located within the corporate city limits of the City of Hesperia, inclusive of single family detached homes, condominiums, and townhomes.
The FTHB Program will require participants to contribute a down payment in the amount of three percent (3%) of the purchase price and additional funding for closing costs.
Applications will be available on a first-come, first served basis. Applications will be released based on the amount of funding available. An interest list will be maintained and applications will be available to those individuals on the interest list as funds are available.
Eligible applicants are households with combined household income which does not exceed 80% of the San Bernardino County area median income adjusted by household size, as reflected in the table below (subject to change):
Based on the 2016 Median Income for the Riverside-San Bernardino Metropolitan Area of $61,400 as established by the U.S. Department of Housing and Urban Development (Effective March 28, 2016)