Funds are available.
The Housing Trust has low-interest, down payment or closing cost loan or grant programs for low to middle–income households. Since 2001, 40% of all loans have been made to low-income families with the remainder going to those with moderate-incomes. Eligibility for the loan programs are determined by the gross annual household income, household size, loan repayment terms and maximum loan amount.
Each program has its own program guidelines. See Program Matrix below.
- Email an Intake Form
- Attend an 8-hour Homebuyer Education Class
- Contact HTSV for Prescreen & Lender List
- Submit Eligibility Application
- Receive Pre-Approval for Down Payment Asssistance
- Shop for Your Home
- Review Steps to Homeownership
- Email a Homeownership Assistance Intake form to email@example.com and receive pre-purchase counseling.
- All borrowers (including non-borrowing spouses) attend an in-person HUD certified 8 hour Homebuyer Education class through Project Sentinel. Visit Project Sentinel website for upcoming classes.
- For a Lender referral, contact HTSV to complete your prescreening and find a Preferred/Certified Loan Officer (lender) for Lender Pre-approval. A Lender Preapproval letter is required to determine Program Eligibility.
Contact us at firstname.lastname@example.org for a Preferred Loan Officer list or verification of loan officer certification.
HOW TO APPLY – Program Eligibility Determination is required prior to purchasing a home
- After receiving a Lender Pre-approval, the first-time homebuyer completes the Homebuyer Assistance Program Eligibility Application and sets an appointment to submit along with the required documents.
- Upon eligibility determination, applicants receive a Program Eligibility/Pre-Approval letter. Applicants can now purchase a market-value home.
After Property Selection and Purchase Agreement Signed-Purchase Loan Application
Loan Officer completes Homebuyer Assistance Program Purchase Loan Application and submits with required documents to the Housing Trust within 10 days.
For more information, contact the Homeownership Programs Team at email@example.com or (408) 436-3450.
Click on the Program Name in the chart below for more information
|Program Matrix||Gap Assistance (GAP)||Homebuyer Empowerment Loan Program (HELP)|
|Max. Loan Amount||20% of the purchase price, up to $95,000||Up to 10% of the purchase price|
|Interest Rate||3% simple interest, accrues annually||Share of Appreciation|
|Term/ Maturity Date||30 years||30 years|
|Monthly Payments(Principal & Interest)||Deferred||Deferred|
|Program Market Area||Santa Clara County||Santa Clara County San Mateo County (cities of East Palo Alto and Menlo Park only)|
|First-Time Homebuyer Status Required||Yes||Yes|
|8-Hour Homebuyer Education Class Required||Yes||Yes|
|Maximum Gross Household Income Limit||Low (80% of Area Median Income)||Up to 140% of Area Median Income|
|Minimum Credit Score||620||680|
|HTSV Pre-Approval Required||Yes||Yes|
|Maximum Purchase Price of Home||$582,500||$800,000|
|Owner Occupancy Required||Yes- Annual Monitoring/Compliance Check||Yes- Annual Monitoring/Compliance Check|
|First Mortgage Requirement||30 Year Fully Amortized Fixed Rate Mortgage Only- No Adjustable Rate or Interest Only Mortgages Allowed||30 Year Fully Amortized Fixed Rate Mortgage Only- No Adjustable Rate or Interest Only Mortgages Allowed|
|Minimum/Maximum Loan to Value (LTV)||70% Minimum/ See Guidelines for Maximum||70% / 87%|
|Combined Loan to Value (CLTV)||100%||Cannot exceed 97%|
Housing Trust Silicon Valley does not discriminate against any persons on the grounds of race, color, religion, national origin, ancestry, sex, gender, gender identity, gender expression, sexual orientation, marital status, familial status, source of income, genetic information, medical condition, physical disability or mental disability, or any other category protected by law.