ATTENTION!

CITY FUNDS ARE AVAILABLE FOR A LIMITED TIME FOR SEVERAL CITY PROGRAMS:

• FIRST TIME LOW INCOME HOMEBUYER PROGRAM
• OWNER OCCUPIED HOUSING REHABILITATION
• NEIGHBORHOOD STABILIZATION PROGRAM

First Time Low Income Homebuyer Program (FTHB) - offers down payment/gap financing assistance to first time homebuyers that meet the requirements of the program on a first-come-first-serve basis. The program offers up to $40,000 at 1% interest with 30 year deferred payments.

First Time Home Buyer Program

Home ownership is often out of reach for many families because of lack of cash available for initial purchase and/or monthly payments that are not affordable. This program is designed to help lower income first time homebuyers purchase a home and qualify for long-term financing from a participating lender of their choice.

What Are the Eligibility Requirements?

• Applicant must complete a Home Buyer Education Class acceptable to City.
• Applicant must provide a minimum 3% down payment of the total purchase price of home. One percent 1% directly from buyers own personal assets.
• Applicant must be a "first time" homebuyer 9which is a family or person who has not owned a home within the last three years, is a qualified displaced homemaker, is a qualified single parent, or is a single woman and pregnant).
• Applicant must use home as principle place of residence.
• Applicant must have sufficient income and credit worthiness to qualify for a first loan from a mortgage lender.
• All combined household income must be below 80%* of the median income:

House must be an existing home or home currently under construction. Home to be owner-occupied or with qualified vacancy, up to $247,000*, and located within the City Limits of Porterville. Homes built prior to 1978 must pass a lead base paint visual assessment.

For homes located in County, contact the Resource Management Agency - community Development & Redevelopment Department at (559) 733-6291.

What are the City Loan Terms?  Second Mortgage Loan is secured by a Deed of Trust. Repayment terms are deferred payment 1% simple interest loans according to the source of funds. Loan will become due if there is a change of title, or hmoe is no longer borrower's primary residence. Second mortgage loan cannot exceed $40, 000. Co-Borrowers/Co-Owners, must be owner occupants.

What is the next Step? Registration is at City Hall, 291  N. Main Street, from 7:30 to 5:30. Please bring in 2008 Federal Tax Forms or most recent month's pay stubs of all working family members to verify income. Classes are offered once a month. Contact City of Porterville, 782-7460, for next available Home Buyer Education Class.

*Based on Single Family Mortgage Limits under Section 203(b) of the National Housing Act and income qualifications of applicant. Updated January 2009.

For more information contact Lupe Diaz or Denise Marchant at (559)782-7460 or send questions to:

City of Porterville
Housing Assistance
291 N Main Street
Porterville, CA 93257

Owner Occupied Housing Rehabilitation Program (REHAB) - offers assistance to low income homeowners that are in need of making repairs to their principal residence. The amount of the loan is up to $40,000 at 0% interest with 30 year deferred payments for those that meet the program requirements.

Neighborhood Stabilization Program (NSP) - the City of Porterville has purchased 5 foreclosed properties, 3 of the 5 are completely rehabilitated and are on the market, and 2 are nearing completion. These properties will be sold to qualified buyers that meet the NSP requirements (up to 120% of area median income). If Homebuyer Assistance is utilized, the maximum amount under this program is, up to $40,000 depending on need at 1 % interest with 30 year deferred payments.