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Upland Offers Help for First-time Home Buyers
The City of Upland is offering down payment assistance to low-income families and individuals who want to buy a home, but are unable to qualify or do not have the necessary down payment without financial assistance.
The loans – first-come, first-served – would be a “silent second,” meaning that no payments are due until the property is either sold or refinanced. The city is offering 30 percent of the purchase price, at 3 percent simple interest annually (interest free after 20 years) and a qualifying buyer would need provide only 1 percent of the purchase price plus any closing costs.
To qualify, the buyer must make less than 80 percent of the area median income as determined by the U.S. Department of Housing and Urban Development (HUD). An individual buyer, for instance, could not make more than $37,300. With eight in the household, the maximum income permitted would rise to $70,350. The maximum price of a home qualifying for the loan would be $535,000, and would require additional funds from the buyer.
If you would like additional information about local down payment assistance programs, or want to look at homes that would qualify for the Upland program, please call (909) 261-3541. We are ready to assist you.
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