Hey there! I know that buying your first home can feel overwhelming, but don’t worry—I’m here to help you navigate through it. Let’s talk about the City of Fairfield’s First-Time Homebuyer Program, designed to make homeownership more accessible for folks like you.

Program Name:

City of Fairfield First-Time Homebuyer Program

Source of Funding:

This program is funded by the City of Fairfield’s Affordable Housing Division.

Eligibility Criteria:

• First-Time Homebuyer: You must not have owned a home in the past three years.
• Income Limits: The program is aimed at low to moderate-income households. Specific income limits can vary, so it’s best to contact the Affordable Housing Division for the most current information.
• Homebuyer Education: Completion of a HUD-certified first-time homebuyer counseling program is required.

Benefits:

• Down Payment Assistance: The program offers a “Silent Loan,” which is a deferred loan to help cover your down payment.
• Mortgage Credit Certificate Program: Although currently out of allocations, this program provides a federal tax credit to reduce your income tax liability, making monthly mortgage payments more affordable.

Potential Drawbacks:

• Funding Availability: Some programs, like the Mortgage Credit Certificate Program, are currently on hold due to funding limitations.
• Participating Lenders and Agents: You’re required to work with lenders and agents approved by the City, which might limit your choices.

Application Process:

1. Contact the Affordable Housing Division: Reach out to them at (707) 428-7688 to get information on participating lenders and agents.
2. Homebuyer Education: Enroll in and complete a HUD-certified first-time homebuyer counseling program.
3. Pre-Approval: Obtain pre-approval for a mortgage through a participating lender.
4. Application Submission: Submit your application for the down payment assistance program through your lender.
5. Property Selection: Choose a home within Fairfield that meets the program’s requirements.

Pros:

• Financial Assistance: Helps bridge the gap for down payments, making homeownership more attainable.
• Support for Low to Moderate-Income Families: Tailored to assist households that might struggle to save for a down payment.

Cons:

• Program Availability: Some programs are currently on hold, which could limit available assistance.
• Limited Choice of Lenders and Agents: Requirement to use city-approved professionals may restrict your options.

Contact Information and Resources:

For the most current information and to check the availability of funds, it’s a good idea to contact the Affordable Housing Division directly:

• Phone: (707) 428-7688
• Website: City of Fairfield Official Website

Final Thoughts:

If you’re ready to take the next step toward homeownership in Fairfield, this program could be the perfect opportunity to make your dream a reality. Don’t hesitate to reach out to the City of Fairfield’s Affordable Housing Division to get started. Good luck, and happy house hunting!