City of Oroville - RDA First Time Home Buyer Program

City of Oroville

R D A 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 annual gross income may not exceed the Area Median Income by the following:

Loans are based on total household income and family size.

Family Size

Annual Income

.

1

$45,840

Families earning less than 120% of area median income may qualify for a maximum loan amount up to $50,000.

2

$52,320

3

$58,920

4

$65,400

5

$70,680

6

$75,840

7

$81,120

8

$86,280

SPECIAL CONDITIONS:

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

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

RDA 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.

      • There is no interest on the loan. An Equity Share will be applied to the
         principle when the loan becomes due & payable. The Equity Share will work
         as shown in the chart below.

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

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

Equity Share Chart

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.

       • Prior to opening escrow, your real estate agent should contact the
          Business Assistance Housing Development Department to check for
          availability of funds.

RDA First Time Home Buyer Program

RDA First Time Home Buyer Program

RDA 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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