City of Oroville - First Time Home Buyer Program

City of Oroville

F I R S T T I M E H O M E B U Y E R P R O G R A M

Quick Reference

First Time Home Buyer Program

Contact Information

Phone 530.538.2495
Fax 530.538.2539
E-mail housing@cityoforoville.org

*Always check with the Business Assistance/Housing Development Department for funding availability.

QUALIFYING CONDITIONS:
      Family gross annual income may not exceed the Butte County Area Median Income by the following:

Family Size

Annual Income

.

1

$30,500

Loans are based on total household income and family size.

(If your income exceeds these limits perhaps you may qualify for our RDA First Time Home Buyers Program)

*The maximum loan amount is as follows - Families earning up to 80% of area median income may qualify for a maximum loan amount that is 45% of the purchase price or $100,000.00 plus an additional 6% of the purchase price, whichever is less.

2

$34,900

3

$39,250

4

$43,600

5

$47,100

6

$50,600

7

$54,050

8

$57,550

SPECIAL CONDITIONS:
      • Family must be a "first time" home buyer (has not owned a home within the          past three years)

      • The maximum sale price of the home can not exceed $304,000.

      • The home purchased must be located in the Oroville city limits and must
         meet all "Housing Code" requirements or be rehabilitated to meet "Code".

First Time Home Buyer Program REPAYMENT CONDITIONS:
      • A mortgage subsidy loan is secured by a Deed of          Trust and does not require monthly payments.

      • Repayment of the loan will be required if the
         house is sold, title is transferred, or if the house is          no longer a family's principal residence.

      • When Re-financing your home loan, always check with
         the Business Assistance/Housing Development Department to see if
         repayment of the loan is required.

      • The City loan deferred payment loan with 3% simple interest.
         Please click on the link Interest Loan Example for more details.
         work as shown in the chart below.

INTEREST LOAN EXAMPLE

Interest Loan Example

Checklist for the FTHB Program:

      • A mandatory First Time Home Buyer Workshop and Budget Workshop is          required. These workshops will provide the educational information needed          to look for a lender, real estate agent, and to teach the fundamentals for          purchasing a home. You may call the Community Housing & Credit
         Counseling Center at 1-888-912-4663.

      • Make an appointment with a residential lender; of your choice, to request a          "pre qualifying interview". The lender will review your employment and          credit history, your current financial situation, and your household budget.          The lender will also determine the amount of the home loan you may
         qualify for.

      • Following pre approval from the lender, the application with all required          Information for the FTHB can be returned the City of Oroville.

      • Once the lender has determined your pre-qualification, and the city has          determined your eligibility for the FTHB loan, you can start looking for a          home. Prior to opening escrow, your real estate agent should contact the          Business Assistance Housing Development Department to check for
         availability of funds.

First Time Home Buyer Program

First Time Home Buyer Program

First Time Home Buyer Program

M O R E I N F O R M A T I O N

| First Time Home Buyer | RDA First Time Home Buyer |
| FTHB In-Fill Construction | Enterprise Zone | Housing Rehabilitation Loan |
| RDA Rehabilitation Program | RMDZ | Landscape Improvement Program |
| Small Business Loan Program | Business Technical Assistance | Credit Counseling |
| Business Resources | Emergency Home Repair Grant | Minor Home Repair Loan |
| Small Business Development Center | Micro-Enterprise Technical Assistance |

Oroville City Hall • 1735 Montgomery Street • Oroville, CA 95965

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