Hey there! Navigating the home-buying process can be daunting, especially in today’s market. But don’t worry—Riverside County has a fantastic program that might be just what you need to make your dream of homeownership a reality.

Program Name

American Rescue Plan Act First Time Home Buyer (ARPA FTHB) Down Payment Assistance Program

Source of Funding

Riverside County’s allocation of the American Rescue Plan Act (ARPA) funds

Eligibility Criteria

• First-Time Homebuyer: You must not have owned a home in the past three years.
• Income Limits: Your household income should not exceed 120% of the area median income, adjusted for family size.
• Residency: The home you intend to purchase must be located within Riverside County’s 5th District, which includes cities like Banning, Beaumont, Calimesa, Hemet, Moreno Valley, San Jacinto, and certain unincorporated areas.
• Citizenship Status: All household members must be U.S. citizens, DACA recipients, ITIN holders, or qualified aliens as per Section 431 of the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA).
• Homebuyer Education: Completion of a homebuyer education course from a HUD-approved provider is mandatory.

Benefits

• Down Payment Assistance: Receive up to 20% of the home’s purchase price, with a maximum of $100,000, to be used towards your down payment.
• Closing Cost Assistance: Eligible for additional funds ranging from $1,500 to $10,000 to cover closing costs.
• Silent Second Mortgage: This assistance comes as a deferred loan with no monthly payments and zero interest.
• Loan Forgiveness: If you maintain the home as your primary residence for 15 years, the loan is fully forgiven.

Potential Drawbacks

• Affordability Period: You must commit to residing in the home for a minimum of 15 years. Selling or refinancing the home before this period ends may require repayment of the assistance.
• Property Restrictions: Homes with in-ground pools or spas are ineligible. Additionally, the property must be in standard condition and meet Housing Quality Standards.

Application Process

1. Contact a Participating Lender: Begin by reaching out to an approved lender who will assess your eligibility for both a primary mortgage and the ARPA FTHB program.
2. Homebuyer Education: Enroll in and complete an eight-hour homebuyer education course through a HUD-approved provider.
3. Find a Home: Search for a property within the eligible areas of Riverside County’s 5th District that meets the program’s criteria.
4. Submit Application: With the assistance of your lender, complete and submit the necessary application materials for the ARPA FTHB program.

Additional Information

For more details, including income limits and a list of participating lenders, visit Riverside County’s Housing and Workforce Solutions website: https://rivcohws.org/5th-district-home-ownership-program

Contact Information

If you have any questions or need additional information about the ARPA FTHB Program, please contact:

Riverside County Housing and Workforce Solutions
First Time Home Buyer Program (ARPA)
Phone: (951) 955-0784
Email: fthb-programs@rivco.org
Address: 3403 Tenth Street, Suite 300, Riverside, California 92501