Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re doing it for the first time. But don’t worry—Fresno County offers a fantastic program to help make your dream of homeownership a reality.

About the Program

The Fresno County First-Time Homebuyer Assistance Program provides financial support to eligible residents looking to purchase their first home. It’s designed to reduce upfront costs and make homeownership more accessible for low- to moderate-income households.

Funding Source

This program is funded by Fresno County’s Community Development Division, utilizing federal funds to support local residents.

Eligibility Criteria

• First-Time Homebuyer: You must not have owned a home in the last three years.
• Primary Residence: The home must be your main place of residence.
• Location: Eligible properties are located in unincorporated areas of Fresno County and the cities of Fowler, Kerman, Kingsburg, Mendota, Reedley, and Selma.
• Income Limits: Your household income must meet federal low- and moderate-income standards, which vary by family size.
• Homebuyer Education: Completion of a homebuyer education course is required.

Benefits

• Zero-Interest Loan: Receive a loan of up to 20% of the home’s purchase price, plus closing costs, with no interest.
• Deferred Payments: Repayment is deferred for 30 years or until the primary mortgage is paid off, whichever comes first.
• Closing Cost Assistance: The loan can include funds to cover closing costs.

Potential Drawbacks

• Buyer Contribution: You’re required to contribute at least 1.5% of the sales price from your own funds.
• Repayment Upon Sale or Transfer: If you sell or transfer the property or it ceases to be your primary residence before the loan term ends, the loan balance becomes due.

Application Process

1. Contact Approved Lenders: Begin by connecting with one of the county’s approved lenders to assess your eligibility and start the application.
2. Complete Homebuyer Education: Enroll in and complete a certified homebuyer education course.
3. Property Inspection: Ensure the home meets current building code health and safety standards through a county inspection.
4. Submit Application: Work with your lender to submit the necessary documentation to the county’s Community Development Division.

Program Availability

Geographic Restrictions: Available in unincorporated areas of Fresno County and the cities of Fowler, Kerman, Kingsburg, Mendota, Reedley, and Selma.

Pros and Cons

Pros:

• Interest-Free Loan: The loan has a 0% interest rate, making it more affordable.
• Deferred Payment: No monthly payments are required for up to 30 years.
• Down Payment and Closing Cost Assistance: Helps with significant upfront costs that might otherwise be a barrier.

Cons:

• Buyer Contribution: You need to contribute 1.5% of the purchase price from your own savings.
• Repayment Terms: The loan must be repaid if you sell, transfer, or move out of the home before the loan term ends.

This program is a wonderful opportunity to ease the financial challenges of buying your first home. If you have any questions or need further assistance, feel free to ask!