From Application to Approval: Your Complete Guide to Santa Rosa’s Down Payment Assistance
What would you say if someone offered you up to $75,000 to help you buy your first home? Sounds like a deal you wouldn’t want to miss, right? Well, good news—Santa Rosa’s Down Payment Assistance Loan Program is designed to do just that. This initiative is set to offer a maximum of 10% of a home’s purchase price, up to a staggering $75,000, to first-time homebuyers who meet certain eligibility criteria.
Key Dates to Keep in Mind – If you’re eager to start packing those moving boxes mark these dates in your calendar. The program kicks off its application period on September 27, but you’ll be able to start submitting all your paperwork and financial documents beginning October 2.
It’s a Race, So Be Quick! – This generous offer isn’t unlimited. Funds will be distributed on a first-come, first-served basis. Once the money’s gone, it’s gone. So if you’re thinking about it, don’t dawdle.
The Loan Specifics – Yes, the loan needs to be paid back. But, here’s the sweet part: repayments will be deferred until you sell the house or reach the end of a 30-year term. That’s a long time to make the most of your new home!
Who Can Apply?
- Local Loyalty: You need to be a current Santa Rosa resident and have been living in the city for at least three years.
- First-Time Buyers Only: If you’ve never owned a home before and are planning to buy within Santa Rosa’s city limits, you’re eligible. The property types that qualify range from single-family homes to condos, co-op units, and even manufactured homes.
- Income Restrictions Apply: Your household income must not exceed 120% of the area’s median income. To put that into context, a two-person household’s income must be under $122,950.
- Price Cap: The purchase price of the house you’re eyeing can’t exceed the area’s average sale price, which was capped at $850,960 as of July.
- Mortgage Pre-Approval: Before you even think about applying, you must be preapproved for a mortgage loan. And yes, you’ll need to contribute at least 1% of the purchase price toward the down payment.
How to Apply? – Once applications open, you can find all the forms and additional information on the Santa Rosa city website at srcity.org/dpal. Feel free to submit your application either electronically to [email protected] or swing by in person to the Housing and Community Services Department at 90 Santa Rosa Ave.
For any questions, don’t hesitate to reach out to program specialist Angela Morgan. She can be reached via email at [email protected] or by phone at 707-543-3300.
Want More Information? – The city’s housing staff will team up with Burbank Housing for an informational session on September 27. The meeting will focus not only on Santa Rosa’s program but also on a separate first-time homebuyer program administered by Burbank, which offers an additional $100,000 to qualified applicants. The meeting will be virtual, from 6-8 p.m., and Spanish translation will be available.
Dreaming of home sweet home? Santa Rosa might just offer the financial stepping stone you need. So go ahead, check it out, and take that leap!