 City
Services
Homebuyers’
Assistance Loan Program
Click here to see a brochure
The
City of
Sonora Homebuyers’ Assistance Loan Program assists
low-income households* with the purchase of an existing
home within the City Limits.
The City’s Loan is a deferred second mortgage
that does not require monthly payments.
Maximum Loan Amount is $100,000
Interest
Rate:
0%-<50% of Median Income
3% - 50 to 65% of Median Income
5% - 66 to 80% of Median Income
Loan is not assumable
-
House price cannot exceed
$300,000
-
Applicant must meet
credit and underwriting criteria to secure a loan from
a commercial lender of their choice
-
Applicant must be able to
provide personal funds equal to 3% of the purchase
price of the house selected or $3,000, whichever is
greater
-
Applicant and house must
meet all other loan requirements & guidelines
Housing Programs’ Income Limits
Low- Income Households are defined as having an income
that does not exceed 80% of
Tuolumne
County
’s Median Income. The Federal Department of Housing
and Urban Development sets the median income for each
county annually.
The
City
of Sonora
is an Equal Housing Lender and does not discriminate on
the basis of religion affiliation, age, race, color,
ancestry, national origin, sex, marital status, familial
status, children, physical or mental disability, sexual
orientation or other arbitrary cause.
Click here to see the
Homebuyers'
Assistance Loan Program Guidelines
Click here to see the
Homebuyers'
Assistance Loan Application
|
If you feel that you
have been discriminated against
in your attempt to obtain any type of housing please
read the
Guide for Complaints
|
City of Sonora
Kim Campbell,
Community Development Specialist
94 Washington Street
Sonora, CA, 95370
Phone: (209) 532-3508
Fax: (209) 532-3511
|
