CalHome Subsidy
The CalHome subsidy loan provides up to $38,000 in deferred-payment subordinate financing. While no monthly payments are required, the principal balance accrues 3% simple interest. The total amount is due in 30 years, or earlier if the property is sold, transferred, or voluntarily paid off.
Maximum Household Income Allowances
To qualify for these subsidies, households may not earn over 80% of the Area Median Income, adjusted by household size. Maximum income allowances are depicted below:
$122,200
Program Subsidies
Households pursuing the Ygnacio Valley BMR opportunity may be eligible to secure up to $70,100 in supplementary homebuyer purchase subsidies. These subsidies can either increase your household’s purchasing power and/or lower monthly housing ownership costs.
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Program Subsidies | 555 Ygnacio Valley Rd BMR Unit
Subsidy Types
One of BAAHA’s Certified Program first lenders can provide up to $70,100 in supplemental homebuyer assistance. Funds applied towards these subsidies are sourced through the Federal Home Loan Bank's WISH program and the state's CalHome subsidy.
Household Size
$90,050
$108,600
Directory
Subsidy Program First Lender Representation Requirements
Households must obtain the WISH and CalHome subsidies directly from their first lender. BAAHA and the City do not underwrite and provide these additional subsidy funds. However, BAAHA partners with a Program Certified lender that can deliver these subsidies to eligible households. Applicants must formally notify BAAHA of their intention to work with a Program Certified first lender at the time they submit their lottery application.
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WISH Subsidy
WISH provides a subsidy grant/loan of up to $32,100 in the form of a grant/loan that is entirely forgiven after five years. WISH provides zero-interest and payment loan that converts to a grant after 5 years. The grant becomes immediately due and payable if the borrower fails to maintain continuous full-time occupancy and title ownership for the duration of the five-year period.
Grant assistance equals four times the household's down payment, not to exceed $32,100. To receive the full $32,100 grant amount, the household must place $8,025 toward their down payment.
Maximum Household Income