PROGRAM UPDATE: Funds for the current fiscal year are now available!

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.