Gap Assistance Program (GAP)

Funds are now available in all of Santa Clara County. 

 Maximum Income by Household Size

Household Size 1 2 3 4 5 6 7 8
Income Limit   $59,400 $67,900 $76,400 $84,900 $91,650 $98,450 $105,250 $112,050

Who it Helps

First-time homebuyers who are low income and purchasing homes in Santa Clara County.  As shown below, the household income for a single member household cannot exceed $59,400 and the household income for a household of four cannot exceed $84,900. You must live in the home as your primary residence.

How it Helps

The Housing Trust’s GAP loan is funded by the State of California Department of Housing and Community Development’s CalHome Program. GAP is a deferred second loan up to a maximum 20% of the purchase price up to $57,500 to help with the purchase of homes in Santa Clara County. The GAP is a 30-year loan with an interest rate of 3%. Payment is deferred until the expiration of the term, sale of the home, or refinance of the first mortgage. There are no monthly payments on a GAP loan. For more details, download a copy of the GAP Program Guidelines.

Download our General Underwriting Guidelines for all programs.

Steps to Homeownership

Please review our Steps to Homeownership with the Housing Trust and Applying for HTSV Homebuyer Assistance Programs.

Important Loan Program Requirements

Applicants must complete an 8 hour HUD approved Homebuyer Education class through a designated agency. Visit our Homeownership Calendar to see  upcoming HUD approved homebuyer education classes.

Obtaining a pre-approval letter from a Certified Loan Officer/Mortgage Loan Originator (Lender) is required to determine eligibility.   A pre-approval letter indicates that the Lender has reviewed your financial situation for obtaining a loan to purchase your home.

Mortgage Loan Originators/Loan Officers are required to attend a Lender Training Workshop and have a Lender Participation Agreement. Please go to our Homebuyer Calendar for our next Lender Workshop.

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 along with the required documents prior to purchasing a home. First-Time Homebuyers are required to have obtained a Pre-approval from a Lender.

Applicants should not enter into a purchase contract prior to receiving determination of Program Eligibility from the Housing Trust.

Loan Application – Property Selected and Purchase Agreement Signed

A Loan Application must be completed by the Loan Officer/Mortgage Loan Originator (Lender).  The Loan Application and its documents must be delivered by the Lender to the Housing Trust within 7 days.

Download a copy of the  Homebuyer Assistance Programs Loan Application.

For more information, contact the Homeownership Programs at (408) 436-3450 ext. 303