Economic
& Community Development
Downpayment Assistance
City of Bakersfield Downpayment Assistance Overview
The purpose of the Downpayment Assistance Program is to assist eligible low and moderate-income homebuyers in purchasing a new home in one of the City’s site specific developments.
This program is available to those who are in need of assistance with their downpayment and closing costs.
Homeownership assistance is furnished as a deferred loan (silent second) with 0% interest to assist with down payment and closing costs.
The loan has a 30 year deferred loan term. This means no monthly payment of principal is required and the loan will not accrue interest. The balance of the loan amount shall be due and payable at the end of the thirtieth (30th) year of the loan term.
If at anytime during the loan term the property is sold, transferred, refinanced, upon a change in title, or the home is no longer the primary residence for the original buyer, then the loan shall be due and payable in full.
Eligible homebuyers must conform to either of the following income requirements, set by the federal Department of Housing and Urban Development (HUD) or California Housing and Community Development (HCD):
HUD Income Limits 80% of Median Income* (as of 3/01/2010)
No. In Family
Income Limit
1
2
3
4
5
6
$31550
$36,050
$40,550
$45,050
$48,700
$52,300
HCD Income Limits 120% of Median Income (as of 3/01/2010)
No. In Family
Income Limit
1
2
3
4
5
6
$47,300
$54,050
$60,800
$67,550
$72,950
$78,350
CalHOME Downpayment Program
PURPOSE OF THE PROGRAM
The CalHOME Downpayment Assistance Program is intended to assist eligible low income persons in purchasing a home within the Bakersfield City limits.
Low income, as defined by the Department of Housing and Urban Development (HUD), is a person or persons earning 80% or less of the area median income. This income is adjusted for household size and is subject to change at the sole discretion of HUD.
This program is available to those eligible homebuyers who are in need of financial assistance associated with purchasing an affordable home. More>
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Phone: (661) 326-3000 | Business Hours: 8:00 a.m. to 5:00 p.m. | Monday through
Friday except Holidays.
