Thinking about buying your first home in Riverside County? That’s fantastic! Navigating the home-buying process can feel overwhelming, but Riverside County offers several programs to make it more accessible for first-time buyers like you. Let’s dive into one of these programs to see how it might benefit you.

Program Overview

Program Name: Riverside County First-Time Home Buyer (FTHB) Program

Source of Funding: This program is funded through the American Rescue Plan Act (ARPA), Permanent Local Housing Allocation (PLHA), and the HOME Investment Partnerships Program.

Eligibility Criteria

• First-Time Homebuyer: Must not have owned a home in the past three years.
• Income Limits: Household income must not exceed 80%–120% of the area median income (AMI), depending on the program.
• Location: Home must be in eligible areas within Riverside County.
• Property Requirements: Must be a single-family home, condo, or townhouse with at least two bedrooms (no pools or spas allowed).
• Occupancy: Must be used as a primary residence within 60 days of purchase.

Benefits

• Down Payment Assistance: Receive up to $100,000 in assistance (PLHA) or $75,000 (HOME).
• Deferred Payment: Silent second mortgages with no monthly payments or interest. Loans may be forgiven after 15 years.
• Lower Monthly Payments: Reduces your loan amount, leading to smaller mortgage payments.

Potential Drawbacks

• Affordability Period: Must maintain ownership for a minimum period (e.g., 15 years) or risk repayment.
• Property Restrictions: Homes with pools or spas are ineligible.
• Geographic Limitations: Some programs are restricted to specific areas within the county.

Application Process

1. Contact a Participating Lender: Work with an approved lender to check eligibility and submit an application.
2. Complete Homebuyer Education: Finish an 8-hour HUD-approved homebuyer education course.
3. Find a Home: Select an eligible property within Riverside County.
4. Submit Documents: Provide income verification and complete required paperwork.

Program Type

This program provides down payment assistance through deferred-payment loans, with some forgiveness options.

Additional Information

For more information, visit the official Riverside County Economic Development Agency.

Category: California

Subcategory: Riverside County