Fresno County First-Time Homebuyer Assistance Program

Hey there! Navigating the home-buying process can feel overwhelming, but Fresno County offers a fantastic program to make it more accessible for first-time buyers like you. Let’s dive into the details of the Fresno County First-Time Homebuyer Assistance Program.

Program Details

Program Name

Fresno County First-Time Homebuyer Assistance Program

Source of Funding

This program is funded by Fresno County, utilizing resources aimed at supporting low- to moderate-income families in achieving homeownership.

Eligibility Criteria

• First-Time Homebuyer: You must not have owned a home in the last three years.
• Primary Residence: The property must be your main place of residence.
• Location: Eligible properties are located in unincorporated areas of Fresno County and the cities of Fowler, Kerman, Kingsburg, Mendota, Reedley, and Selma.
• Income Limits: Your household income must meet federal low- and moderate-income standards, which vary by family size.
• Homebuyer Education: Completion of a homebuyer training course is required.

Benefits

• Zero-Interest Loan: Receive a loan of up to 20% of the home’s purchase price, plus closing costs, with no interest.
• Deferred Payments: Repayment is deferred for 30 years or until the primary mortgage is fully paid, whichever comes first.
• Closing Cost Assistance: The loan can include funds to cover closing costs, reducing your upfront expenses.

Potential Drawbacks

• Property Restrictions: The program is limited to specific areas within Fresno County, so properties outside these areas aren’t eligible.
• Owner Occupancy Requirement: You must occupy the home as your primary residence; it’s not available for investment properties.
• Repayment Upon Sale or Title Change: If you sell the home or change the title before the loan term ends, the loan balance becomes due.

Application Process

1. Connect with Approved Lenders: Start by contacting one of the lenders approved by Fresno County to discuss your eligibility and begin the application.
2. Complete Homebuyer Education: Enroll in and complete a homebuyer training course to gain essential knowledge about the process.
3. Property Inspection: Ensure the home meets current building code health and safety standards through a required inspection.
4. Submit Application: Work with your lender to submit the necessary documentation and application forms to Fresno County for approval.

Program Availability

This program is available in the unincorporated areas of Fresno County and the cities of Fowler, Kerman, Kingsburg, Mendota, Reedley, and Selma.

Pros and Cons

Pros

• Affordable Homeownership: The zero-interest, deferred payment loan lowers the financial barriers to buying a home.
• Reduced Upfront Costs: Including closing costs in the loan minimizes the initial cash needed.
• Supportive Resources: Mandatory education courses equip you with valuable knowledge for successful homeownership.

Cons

• Geographic Limitations: Only properties in specific areas of Fresno County qualify.
• Owner Occupancy Requirement: The program isn’t suitable if you’re looking to purchase an investment property.
• Deferred Payment Obligation: While payments are deferred, the loan must be repaid upon sale, title change, or after 30 years.

Grant or Down Payment Assistance

This program provides down payment assistance through a zero-interest, deferred payment loan.

Additional Resources

For more information and to see if you qualify, visit the Fresno County Housing Programs page or contact the Community Development Division at (559) 600-4292.

Embarking on the journey to homeownership is exciting, and programs like these make it much easier to turn your dream into reality. Good luck, and happy house hunting!