Erin: The programs are different from City to City. The best one is the Temecula First Time Home Buyer Program, as follows below.
City Of Temecula FTHB Program
(First Time Home Buyer)
The primary objective of the First Time Home Buyer Program is to provide housing inventory on a continuing basis which will be available for purchase by first time home buyers of moderate income.
The Program will be available to anyone who has not owned a home in the last three (3) years and has an annual income that is no greater than 120% of the area median income as published by the U.S. Department of Housing and Urban Development (HUD).
This Program will provide down payment assistance as a second loan to qualified income first time home buyers.The buyers must provide a minimum of three percent (3%) of the purchase price from their own funds and must accept the highest loan-to-value ratio first loan for which they qualify
The first loan must be a fully amortized, fixed rate, thirty year mortgage and the RDA Assistance will be in the form of a loan, repayment of which will be secured by a deed of trust recorded in second position to the first mortgage.
The RDA Assistance is a thirty (30)-year second mortgage loan at five percent (5%) interest. The loan is deferred for the first five (5) years, then fully amortized in years 6-30.
If the borrower transfers title, ceases to occupy the property as his or her principal residence, refinances with cash taken out or otherwise defaults under the loan, the loan becomes due and payable.
The FTHB Program is eligible only within the City of Temecula
Please contact me for more information.