Moderate-income, first-time home buyers will be assisted by a program developed by the Sacramento Association of REALTORS® and NeighborWorks HomeOwnership Center Sacramento Region (NeighborWorks). The Homebuyers Equity Leveraging Program (H.E.L.P.) will provide direct loan assistance for 30 to 50 buyers over the life of the program.

NeighborWorks administers the program. Information is available from NeighborWorks at (916) 452-5356, ext. 320, and at www.nwsac.org.

The buyer must live in the home. Once applicants are approved, they will have 90 days to find a home, using a REALTOR® who is a member of the Sacramento Association of REALTORS®.

The goal of the program is to provide low-cost, low-interest loans that – when combined with other available mortgage financing products, grants and assistance – will enable a significant number of first-time homebuyers with mid-range incomes to complete a home financing package. The maximum loan amount is $10,000. In 2008, median family income for a family of four in Sacramento County was $71,000.

Buyer eligibility:

• Must be a first-time buyer, as defined by the Department of Housing and Urban Development (HUD).
• Property must be owner-occupied for the life of the loan.
• Income limits: 80% to 150% of area median income, based on family size.
• Completion of eight hours, HUD-approved homeownership education at NeighborWorks HomeOwnership Center Sacramento Region.
• Borrower contribution: Minimum of $500.

Property eligibility:

• Type of properties allowed are a single family home, condominium, PUD, or manufactured home on permanent foundation,
• Homes purchased must be located within the SAR jurisdictional boundaries: Sacramento County and the City of West Sacramento.
• A property inspection is required.

H.E.L.P. Loan Features:

• A secured loan, in 2nd or 3rd lien position, to provide down payment and/or closing cost assistance to owner-occupied home purchasers
• Maximum loan amount: up to $10,000
• Interest rate: 5.5%
• Amortization: fully amortized for up to 10 years
• The first loan must be an amortizing loan
• Maximum combined loan-to-value ratio (CLTV) = 105%
• Each successful applicant will receive a grant of up to $500 from SAR for third-party fees.
• Of the $500, a maximum of $350 will be used for a home warranty.
• The remainder may be used for pest inspection.

More information is available from:

Janelle K Fallan
Director of Public Affairs and Commercial Division, Sacramento Association of REALTORS®
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
(916) 437-1208
NeighborWorks® HomeOwnership Center Sacramento Region
2400 Alhambra Boulevard
Sacramento CA 95817
(916) 452-5356, ext. 320
www.nwsac.org