CITY OF CAPITOLA
First-Time Home/Mobile Home Buyer Program
The City of Capitola has a deferred second mortgage program for first-time home buyers who wish to purchase a home or mobile home in the City of Capitola. The program is intended to assist households earning less than 120 percent of the Santa Cruz County median income (adjusted for household size: under $71,600 for a family of two and under $89,550 for a family of four). To view the income limits, please click here.
The second mortgage will provide up to 15 percent of the purchase price of a home or mobile home, may not exceed $60,000, and can be applied to down payment and closing costs. The buyer must provide a minimum of 5 percent of the down payment and finance the balance through a participating conventional lender (currently only Bay Federal Credit Union). The City may assist with closing costs up to 3% of the contract purchase price.
The form of the home loan is shared equity, while the form of the mobile home loan is one of 3% simple interest.
Participants in the program must be first-time home buyers, meaning no person can have owned a home in the past three years. No payments are made on the principal or until the home or mobile home is sold or refinanced. The purchase cannot displace a current tenant, and the City has a "Right of First Offer" when the mobile home is sold.
WHAT ARE THE NEXT STEPS?Step One: Become familiar with the various home buying assistance programs and, where appropriate, work through the Eligibility Worksheet to gain familiarity with individual programs and their requirements.
Step Two: Make an appointment with a lender to determine what you can afford. If you are eligible for a mortgage loan and you find a home to purchase, applications for homeownership assistance would then be submitted by the lender to the Housing Authority, after you have determined the details of your specific mortgage loan.
Homeownership assistance is only available in conjunction with a conventional mortgage loan.
Step Three: Make an appointment with a real estate agent in order to look for available homes based upon what your lender has determined you can afford. Should your real estate agent have any questions about the home buying assistance program, they can call the Housing Authority at 831-454-9455 ext.322.
Step Four: Once the lender has determined that you are eligible for a mortgage loan, and that you will need assistance from the City in order to purchase the home you have chosen, the lender must contact the Housing Authority to assure that all necessary documentation is submitted to the City in order to determine your eligibility for second mortgage assistance. Once you have been determined eligible, the Housing Authority will coordinate all activities to complete the City's funding of your second mortgage.
Capitola First Time Home/Mobile Home Buyer Eligibility Worksheet & Manual
Capitola First Time Homebuyer Eligibility Worksheet
Capitola First Time Homebuyer Brochure
CITY OF SANTA CRUZ
Home Ownership Second Mortgage Program
These links connect you to the city of Santa Cruz website which sets forth policies and procedures for the City of Santa Cruz First Time Homebuyer (FTH) Program. With funding supplied through various sources such as state of California Building Equity and Growth in Neighborhoods (BEGIN) Program and CalHome Program, and the City's federal Home Investment Partnerships Program (HOME) entitlement, the FTH Program is administered by the Housing Authority of the County of Santa Cruz (831-454-9455 ext.322) and is designed to provide home ownership opportunities to low income buyers within the City of Santa Cruz.
FTH Program Initial Steps
FTH Program Newsletter, August 2005
FTH Program Brochure
FTH Program Policies and Procedures Manual
Measure O
The Measure O affordable housing program within the City of Santa Cruz may also provide opportunities for home buyers. These links connect you to the city of Santa Cruz website which sets forth policies and procedures for the City of Santa Cruz Measure O Program.
Measure O for-sale units and income limits for buyers
Notice of Measure O Unit Available for Sale
Eligibility Application
Letter of Referral
CITY OF SCOTTS VALLEY
First Time Home Buyer Program
The City of Scotts Valley has a deferred second mortgage program for persons buying a home (including mobile homes) within the Scotts Valley city limits. Assistance may be made available on a priority basis for persons who live and work in the city. To qualify, a household must earn no more than 120 percent of median income ($90,840 for a family of four). To view the income limits, please click here. Some housing developments in the city have affordable units. When one of these units becomes available it is generally advertised in the local paper(s).
The city has a complex eligibility formula that ties income to maximum housing cost, so each application is subject to that formula. For more information, contact the Housing Authority at 831-454-9455 ext.322.
WHAT ARE THE NEXT STEPS?
Step One: Become familiar with the various home buying assistance programs and, where appropriate, work through the Eligibility Worksheet to gain familiarity with individual programs and their requirements.
Step Two: Make an appointment with a lender to determine what you can afford. If you are eligible for a mortgage loan and you find a home to purchase, applications for homeownership assistance would then be submitted by the lender to the Housing Authority, after you have determined the details of your specific mortgage loan.
Homeownership assistance is only available in conjunction with a conventional mortgage loan. Click here for the Participating Lender list.
Step Three: Make an appointment with a real estate agent in order to look for available homes based upon what your lender has determined you can afford. Should your real estate agent have any questions about the home buying assistance program, they can call the Housing Authority at 831-454-9455 ext.322.
Step Four: Once the lender has determined that you are eligible for a mortgage loan, and that you will need assistance from the City in order to purchase the home you have chosen, the lender must contact the Housing Authority to assure that all necessary documentation is submitted to the City in order to determine your eligibility for second mortgage assistance. Once you have been determined eligible, the Housing Authority will coordinate all activities to complete the City's funding of your second mortgage.
Click here for information regarding Homebuyer Assistance Programs in Scotts Valley
City of Scotts Valley Homebuyer Eligibility Worksheet
CITY OF WATSONVILLE
The Housing Authority is not currently administering any homebuyer programs for the City of Watsonville; The City does offer its own housing assistance programs for city residents. For information on these programs contact the city's Redevelopment and Housing Agency at 768-3080.
The City of Watsonville Homebuyer Workshop for low & moderate income
homebuyers and others
Housing Authority of the County Santa Cruz Registration Form/
Español - Use this
form to reserve a space at the seminar
COUNTY OF SANTA CRUZ
(Unincorporated Areas)
First Time Home Buyer Program
The Housing Authority is not currently administering any homebuyer programs for the County of Santa Cruz; however, the County does operate its own programs for unincorporated county area residents. For information, call the Planning Department at 454-2580.
MEASURE "J" PROGRAM
The Santa Cruz County Redevelopment Agency manages the sale, rent or refinance of existing Measure "J" units. Contact the Agency’s Measure "J" Housing Coordinator at 454-2336 for more information.
Click here to connect to the Redevelopment Agency's website
Si desea una traducción en español, por favor llame al (831) 454-9455.
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