Hey there! I understand you’re interested in the City of Vacaville’s First-Time Homebuyer Program. Unfortunately, as of June 30, 2019, this program has expired. Source

However, there are still opportunities available to support your journey toward homeownership. The California Housing Finance Agency (CalHFA) offers several programs designed to assist first-time homebuyers across the state, including those in Vacaville.

CalHFA MyHome Assistance Program

This program provides a deferred-payment loan of up to 3.5% of the purchase price or appraised value (whichever is less) to help with down payment and closing costs. Source

Eligibility Criteria:

• First-Time Homebuyer Status: You must not have owned and occupied a home in the past three years. Source
• Primary Residence: The property must be your primary residence; investment properties are not eligible. Source
• Income Limits: Your income must fall within the program’s limits for Solano County. Source
• Homebuyer Education: Completion of a HUD-approved homebuyer education course is required. Source

Benefits:

• Deferred Payments: No payments are due on the assistance loan until you sell, refinance, or pay off your mortgage. Source
• Statewide Availability: This program is available throughout California, including Vacaville. Source

Potential Drawbacks:

• Repayment Upon Sale or Refinance: The assistance loan becomes due when you sell, refinance, or pay off your primary mortgage. Source
• Interest Accrual: While payments are deferred, interest may accrue over time.

Application Process:

1. Contact a CalHFA-Approved Lender: Begin by reaching out to a participating lender who can guide you through the application process. Source
2. Pre-Approval: The lender will assess your financial situation to determine your eligibility and the amount you qualify for.
3. Homebuyer Education: Complete the required homebuyer education course through a HUD-approved agency.
4. Find a Home: Work with a real estate agent to find a suitable property within the program’s price limits.
5. Complete the Application: With your lender’s assistance, submit the necessary documentation to apply for the MyHome Assistance Program.

For more detailed information and to find a list of approved lenders, visit the CalHFA website: Source

Embarking on the path to homeownership is an exciting journey, and with programs like CalHFA’s MyHome Assistance, you have valuable resources to help make your dream a reality. If you have any further questions or need additional assistance, feel free to ask!

Additionally, the City of Vacaville periodically offers homebuyer education classes, which can provide valuable information and resources for prospective homeowners.

Upcoming City of Vacaville First Time Homebuyer Class