Yolo County First-Time Homebuyer Program: WISH Program
Hey there! Navigating the home-buying process can feel overwhelming, but don’t worry—I’m here to help. Let’s explore a fantastic opportunity for first-time homebuyers in Yolo County, California: the Workforce Initiative Subsidy for Homeownership (WISH) Program offered through Yolo Federal Credit Union.
Program Name
Workforce Initiative Subsidy for Homeownership (WISH) Program
Source of Funding
Federal Home Loan Bank
Eligibility Criteria
- First-Time Homebuyer Status: You must be a first-time homebuyer.
- Personal Investment: Contribute at least 1% of the home’s purchase price from your own funds.
- Homebuyer Education: Complete a HUD-approved homebuyer counseling program.
- Additional Assistance: Participation in another Mortgage Assistance Program is required.
- Primary Financing: Obtain your primary mortgage through Yolo Federal Credit Union.
- Income Limits: Your household income must not exceed 80% of the HUD Area Median Income for Yolo County.
Benefits
- Generous Matching Funds: Receive up to $22,000 in grant funds, with a $4 match for every $1 you contribute.
- Flexible Use of Funds: Apply the grant toward your down payment or customary closing costs.
Potential Drawbacks
- Residency Requirement: If you move out or sell the home within five years, you may need to repay all or part of the grant.
- Income Verification: Strict income limits may exclude some potential buyers.
Application Process
- Initial Consultation: Contact Yolo Federal Credit Union’s Real Estate Department to discuss your eligibility.
- Education: Complete a HUD-approved homebuyer counseling program.
- Documentation: Provide proof of income, personal funds for the 1% contribution, and details of participation in another Mortgage Assistance Program.
- Application Submission: Submit your application through Yolo Federal Credit Union.
Program Type
Grant
Program Availability
Geographic Area: Yolo County, California
Sources
Pros and Cons
Pros
- Substantial Financial Assistance: The program offers up to $22,000 in matching funds, significantly reducing the financial burden on first-time homebuyers.
- Encourages Savings: The matching structure incentivizes buyers to save, promoting financial responsibility.
- Educational Support: Completion of a homebuyer counseling program ensures buyers are well-prepared for homeownership.
Cons
- Residency Requirement: Moving or selling the home within five years may result in a repayment obligation.
- Income Limits: Buyers with higher incomes may not qualify, potentially excluding some from participating.
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