First-Time Homebuyer Programs
| Program | Income Limits | 1st Time? | Minimum Down | Sale Price Limit | Repayment Terms | Program Benefit | Location Restrictions | Contact | ||||||||||||||||||||||||||||||||
| County of Santa Cruz DPA | 1 - $70,750 2 - $80,850 3 - $90,950 4 - $101,050 5 - $109,150 |
Yes | 5% | $385,000 | Deffered for life of loan. Shared appreciation upon sale. | May lend up to 25% of sale price as a silent 2nd. Property is converted to a deed-restricted unit upon closure. | Property must be outside of the city limits of Santa Cruz, Capitola, Scotts Valley & Watsonville. Cannot be used with Measure J or O unit. | Carlos Landaverry 831-454-2523 www.sccoplanning.com |
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| City of Santa Cruz DPA | 1 - $54,050 2 - $61,800 3 - $69,500 4 - $77,200 5 - $83,400 6 - 89,600 |
Yes | 0% (may be additional lender requirements) | $432,250 | Deffered for life of loan. Shared appreciation upon sale. | May lend a silent 2nd. Amount is on case-by-case basis. | Property must be within city limits of Santa Cruz. May be used in conjunction with Measure O or market rate units. | Norm Daly 831-420-5109 www.cityofsantacruz.com |
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| City of Watsonville 1st time HB program |
1 - $54,050 2 - $61,800 3 - $69,500 4 - $77,200 5 - $83,400 6 - 89,600 |
Yes | 3% | $375,250 | Deffered for life of loan. 3% simple annual interest. | May lend up to 25% of sale price as a silent 2nd. | Property must be within city limits of Watsonville. Market rate units are acceptable. | Lola Maldonado 831-768-3080 www.ci.watsonville.ca.us |
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| City of Watsonville DPA | 1 - $70,750 2 - $80,850 3 - $90,950 4 - $101,050 5 - $109,150 |
Yes | 3% | Affordable restricted units only. | Deffered for life of loan. Shared appreciation upon sale. | May lend up to $50,000, depending on property/buyer, in a silent 2nd. | Property must be within city limits of Watsonville. Deed restricted units only. | Lola Maldonado 831-768-3080 www.ci.watsonville.ca.us |
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| City of Scotts Valley DPA | 1 - $70,750 2 - $80,850 3 - $90,950 4 - $101,050 5 - $109,150 |
Yes | 5% | Affordable restricted units only. | Deffered for life of loan. Shared appreciation upon sale. | May lend up to $60,000 in a silent 2nd. | Property must be within city limits of Scotts Valley. Deed restricted units only. | Housing Authority of Santa Cruz Beth Ahlgren 831-454-9455 www.haco.santacruz.org |
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| CalStrs 80/17 Program | NONE | No | 3% | $670,103 | Deffered for 5 years. Repayment begins in year 6, amortized over remaining 25 years at same rate as 1st. | Lend 17% of the sale price in a silent 2nd at same rate as 1st. Must be a member of CalStrs (teachers and administrative staff). |
Property must in the state of California. May be used in conjunction with Measure J unit. | www.calstrs.com | ||||||||||||||||||||||||||||||||
| MCC program | 40% of all must be: 1 - $54,050 2 - $61,800 3 - $69,500 4 - $77,200 5 - $83,400 6 - 89,600 60% of remaining: 1-2 - $83,800 3+ - $96,370 |
Yes | N/A | $573,881 | Potential replayment if owner sells within 9 years or less. | Provides a mortgage credit certificate of up to 20% of interest paid per year allowing buyer to reduce federal taxes paid by filing a revised W4 and qualifiying with a higher income. | Property must be within the county of Santa Cruz. | Housing Authority of Santa Cruz Beth Ahlgren 831-454-9455 www.haco.santacruz.org |
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| Housing Foundation Grant | 1 - $54,050 2 - $61,800 3 - $69,500 4 - $77,200 5 - $83,400 6 - 89,600 |
Yes | N/A | NONE | NONE | Grants $3,000 to purchase of SFR, condo, PUD or $1,000 to purchase of mobile or manufactured home to be used toward closing costs. | Property must be within the county of Santa Cruz. | Santa Cruz Association of REALTORS® Housing Foundation 831-464-2000 www.scaorhf.org |
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| Measure J Program | 1 - $70,750 2 - $80,850 3 - $90,950 4 - $101,050 5 - $109,150 |
Yes | N/A | Affordable restricted units only. | N/A | Provides a lower purchase price to make home ownership more affordable. Certain unit size limits based on size of household. |
Property must be a designated Measure J property through the county of Santa Cruz. | Carlos Landaverry 831-454-2523 www.sccoplanning.com |
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| Measure O Program |
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No | N/A | Affordable restricted units only. | N/A | Provides a lower purchase price to make home ownership more affordable. No household unit size requirements |
Property must be a designated Measure O property through the county of Santa Cruz. | Norm Daly 831-420-5109 www.cityofsantacruz.com |
First-time Buyers:
First-time buyers are defined as individuals who have not lived in a property they own in the past three years.
Deed Restricted Units:
A deed restricted unit falls under the affordable income and housing restrictions. It is a below-market-rate unit and the resale price is determined by the jurisdiction which controls the particular unit.
