Funds are available.
The Housing Trust has low-interest, down payment or closing cost loan programs for low to moderate –income households. Since 2001, 40% of all loans have been made to low-income families with the remainder going to moderate-income families.
Eligibility for the loan programs are based on income eligibility. Income eligibility is determined by the gross annual household income, household size, loan repayment terms and maximum loan amount.
Each program has its own program guidelines; please review each program web page for additional requirements Click on the program name in the chart below for more information about the individual programs.
Submit a Homeownership Assistance Intake Form
Print out the Steps to Homeownership with the Housing Trust
Review the Applying for HTSV Homebuyer Assistance Programs document
Program Eligibility Determination Required- Prior to Purchasing a Home
The Housing Trust offers first-time homebuyers the opportunity to find out if they are Program Eligible for our GAP loans.
First-time homebuyers must complete the Homebuyer Assistance Program Eligibility Application and submit it along with the required documents PRIOR to purchasing a home. First-time homebuyers are required to have obtained a pre-approval from a preferred or certified loan officer.
HTSV is updating its lender requirements. A Preferred Loan Officer list is available. Contact the Homeownership Programs department if you want to confirm that your loan officer is certified.
Interested lenders, please download our General Underwriting Guidelines.
Loan Application – Property Selected and Purchase Agreement Signed
Download a copy of the Homebuyer Assistance Programs Loan Application
A Loan Application must be completed by the Preferred Loan Officer who prepared your first mortgage loan preapproval (Lender). The Loan Application and its documents delivered to the Housing Trust within 7 days of a signed and ratified purchase agreement by the Loan Officer.
Upon receipt of all conditions and documentation, Housing Trust staff will schedule a one-on-one counseling appointment with borrowers (including non-borrowing spouses). HTSV prepares loan documents for signature. Loan application is submitted for final review.
Loan Approval sent to borrowers and Loan Officer. HTSV sends loan documents to the Title Company.
|Gap Assistance (GAP)|
|Max. Loan Amount||20% of the purchase price, up to $95,000|
|Interest Rate||3% simple interest, accrues annually|
|Monthly Payments (Principal and Interest)||Deferred|
|Areas Available||Santa Clara County|
|First-Time Buyer Status Required||Yes|
|8-Hour Homebuyer Class Required||Yes|
|Income Limit||Low (80% of Area Median Income)|
|Pre-Approval is Available||Yes|
|Maximum Sales Price of Home||$522,500|
For income limits, please see the Gap Assistance Program page and program guidelines.
NOTE: For GAP, Gross Income means all anticipated eligible income of a person or household for the 12-month period following the date of determination of income. Income will be determined using California Code of Regulations Title 25 Section 6914.