Hey there! Buying a home in California can be pricey, especially in places like Emeryville. If the idea of scraping together a big down payment has you feeling stuck, don’t worry—there’s help available! Emeryville’s First Home Emeryville Down Payment Assistance Program could be the boost you need to make homeownership a reality.

Program Overview: First Home Emeryville Down Payment Assistance Program

This program, offered by the City of Emeryville, provides financial assistance to first-time homebuyers in the form of deferred-payment loans to help cover down payment and closing costs. The maximum loan amount is up to $200,000 depending on your household income and other factors.

Eligibility Criteria

• First-Time Homebuyer Status: You must not have owned a home in the past three years. Exceptions apply for:
  • Single individuals or parents who previously owned a home with a former spouse or domestic partner.
  • Employees of the City of Emeryville or the Emery Unified School District.
• Income Limits: Your household income must fall at or below 120% of the Area Median Income (AMI) as determined by HUD. Adjustments may apply for city employees.
• Owner Occupancy: The home must be your primary residence.

Program Benefits

• Substantial Financial Assistance: Borrow up to $200,000, which can go a long way toward your down payment and closing costs.
• Deferred Payments: No monthly payments until:
  • You sell, transfer, or stop using the home as your primary residence.
  • Or 30 years pass, whichever comes first.
• Low Interest Rates: The loans come with low interest, making repayment manageable when the time comes.

Potential Drawbacks

• Strict Usage Rules: The property must remain your primary residence, so this isn’t an option for investment properties or second homes.
• Repayment Upon Sale or Transfer: If you sell or transfer the property, or stop living there as your main home, the loan becomes due.

Application Process

1. Pre-Application Period: The City periodically opens pre-application periods. Keep an eye out for announcements.
2. Lottery Selection: If more applicants apply than funds available, the City holds a lottery to select participants.
3. Mandatory Workshop: Selected applicants must attend a workshop to understand the program requirements.
4. Full Application Submission: After the workshop, submit a full application with all required documentation.
5. Conditional Loan Approval: Approved applicants receive a conditional commitment and have four months to shop for a home in Emeryville.

Contact Information

This program is administered by Hello Housing, a non-profit organization. If you have questions or need assistance:

• Call: (415) 863-3036
• Email: emeryville@hellohousing.org

Pros and Cons

Pros

• Generous loan amount of up to $200,000.
• Deferred repayment with low-interest terms.
• Opens doors to homeownership in one of California’s pricier markets.

Cons

• Strict owner occupancy rules.
• Repayment is required upon sale or transfer of the home.
• Funds are limited, and the lottery system means there’s no guarantee of selection.

Program Availability

Location: City of Emeryville, Alameda County, California.

Sources

• City of Emeryville Homebuyer Programs
• Hello Housing – Emeryville Program Details