CLTRE Keeper First-Time Home Buyer Program

Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re trying to find the right assistance programs. Let’s chat about the CLTRE Keeper First-Time Home Buyer Program in Sacramento. This initiative is designed to make homeownership more accessible, particularly for residents in specific neighborhoods.

Program Name:

CLTRE Keeper First-Time Home Buyer Program

Source of Funding:

Funded by the City of Sacramento and managed by the local community development nonprofit CLTRE.

Eligibility Criteria:

• Residency: Applicants must live within the city of Sacramento, specifically in the 95817, 95820, 95824, or 95828 zip codes.
• Income: Gross annual income must be at or below 80% of the local Area Median Income (AMI).
• Commitment: Participants are required to live in the purchased home for 10 years to have the loan fully forgiven.

Benefits:

• Financial Assistance: Eligible participants receive a $15,000 forgivable home loan to be used as a down payment.
• Additional Support: An extra $1,500 “flex amount” is provided, which can be used to mitigate any credit debt or can be put towards closing costs.
• Educational Component: The program includes an eight-week course that guides participants through every step of the home-buying process, ensuring they are well-prepared for homeownership.

Potential Drawbacks:

• Limited Availability: The program is designed to assist a limited number of applicants (e.g., 25 participants), which may result in high competition for spots.
• Geographic Restrictions: Only residents in the specified zip codes are eligible, excluding potential applicants from other areas.
• Occupancy Requirement: The 10-year residency requirement for loan forgiveness may be a long-term commitment for some individuals.

Application Process:

1. Application Submission: Interested individuals must submit an application by the specified deadline.
2. Program Participation: Accepted applicants will participate in the eight-week homebuyer education course.
3. Financial Coaching: Participants receive guidance on financial management and the home-buying process.
4. Home Purchase: Upon completion of the program, participants can proceed with purchasing a home using the provided financial assistance.

Program Type:

This program offers both a forgivable loan for down payment assistance and additional funds that can be used towards closing costs or debt mitigation.

Additional Information:

For more detailed information and to apply, visit the official City of Sacramento website:
City of Sacramento First-Time Homebuyer Program.

Category: California

Subcategory: Sacramento County