Opportunity Knocks: Alameda County Homebuyers Can Apply for Up to $210,000 in No-Interest Loans

First-time home buyers can now apply for two no-interest down payment assistance programs. The first, a statewide program, offers loans up to $150,000 with an application deadline of April 29, 2024. The second, for residents or workers in Alameda County, provides loans up to $210,000 and has a deadline of May 15, 2024. These programs aim to help individuals achieve homeownership by assisting with down payments.

The statewide program, called California Dream for All, is for first-generation homebuyers. Eligibility requires that neither the applicant nor their parents have been on a property title in the past seven years. Applicants must also meet income limits set by the California Housing Finance Agency, which may reach up to $234,000 in Alameda County. A pre-approval letter from an approved lender and a voucher registration by April 29, 2024, are necessary to apply.

The Alameda County program, AC Boost, is open to a wider group, including first responders and educators, who are given priority. Applicants must not have household assets over $300,000 and must earn no more than 120% of the local median income. Applications for AC Boost are submitted online, and eligible candidates are selected through a lottery system.

Both programs provide zero-interest loans that are repayable when the home is sold. The repayment includes the original loan amount plus a portion of the home's appreciation. This helps keep the programs sustainable and supports future homeowners.

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