PROGRAM UPDATE: Funds for the current fiscal year have been depleted. Funds will be available again when the next fiscal year starts on July 1, 2020.

What is the First Time Homebuyer Program?

It is a second mortgage loan program to assist qualified low-and moderate-income individuals with the purchase of their first home. FTHB loan funds are to assist with down payment and/or closing costs.

What are the maximum income limits and FTHB loan amounts?

Households earning at or below 60% of Area Median Income are eligible for up to a $40,000 loan. Those earning between 61% and 80% of Area Median Income are eligible for up to a $30,000 loan, and for those earning between 81% and 100% of Area Median Income are eligible for up to a $20,000 loan.

How much money can I borrow?

The maximum loan amount is 20% of the home sales price, or appraised value, whichever is lower, up to the maximum of $40,000 based on the above described household income and household size.

Who is eligible for a loan?

Borrower must be a first time homebuyer, which is a household that has not owned a home within the past three years. Borrowers must be able to qualify for a first mortgage from a participating lender from the Concord Preferred Lender List. The homebuyer must provide a minimum of 3% of the purchase price.

What homes are eligible for purchase?

Homebuyers may purchase an existing single-family detached home, condominium, or townhouse located anywhere within Concord City Limits.

What are the loan terms?

• The loan is a zero-interest, 15-year loan. Loan payments are deferred, with the loan being due at the end of 15 years or earlier if the house is sold.
• The City loan carries shared appreciation when the home is sold. For example, if the original sales price is $200,000 and the City loan is $20,000, the City’s “share” of the appreciation is 10%. At the time of sale or refinance to pay off the City loan, 10% of the appreciation will need to be paid to the City. When the City loan is paid off the shared appreciation obligation ceases.

Are there any other requirements?

• Borrowers must attend a City-approved FTHB Counseling Workshop. Click here for a list of HUD Counseling Agencies that offer workshops.
• A home purchased under the FTHB program must be, and remain, the borrower’s principal place of residence. The property cannot be leased or rented during the term of the City loan.
• Persons with ownership in most real estate assets are not eligible.
• Funds are limited. Assistance is provided on a first-come, first-served basis, as long as funds remain available.

How do I apply?

To apply, please follow the steps below:

• Fill out and sign the City of Concord Application & Affidavit of Household.
• Assemble all supporting documentation from the FTHB Checklist of Documents listed under “To Start the Process” and “Once You are Pre-approved with a Lender”. Please note: the Lender Pre-qualification must be from a participating lender from the Concord Preferred Lender List.
• Review the First Time Homebuyer Borrower Disclosure and sign page 6.
• Mail all completed paperwork to:

Hello Stewardship – City of Concord
P.O. Box 423690
San Francisco, CA 94142

For more information, please email Hello Housing staff.