Program Overview
Financial Support for First Time
Homebuyers in Concord
City Assistance: Get up to $60,000 as a down payment and
closing cost loan.
Additional Funding Sources: Homebuyers may qualify for up
to $32,000 in additional grants from the Federal Home Loan Bank WISH Program as well as other subsidies from lenders and non-profits partnering with BAAHA.
Eligibility Requirements
To be eligible for the FTHB Program, you must meet the following requirements:
- First Time Buyer: You have not owned a home in the last three years prior to submitting the FTHB application.
- Income Limits: Your total gross household income must be at or below 150% of the Area Median Income, based on household size.
- Credit Score: You need a minimum FICO score of 640.
- Down Payment: You must contribute at least 3% of your own funds toward the down payment.
- Education: You must complete a HUD-approved homebuyer education course before closing on your home.
Property Requirements
A home can be purchased using FTHB Program funds if it meets the following conditions:
- Location: The home must be within Concord city limits.
- Type: A single residential unit such as a single-family home, condominium, or townhome.
- Condition: The home must be in good, move-in condition, not have any outstanding structural repairs, health and safety code violations, or other significant repair needs.
Application Process
Funding is limited and provided on a first-come, first-served basis. Prospective applicants should follow these steps to be considered for the FTHB Program:
- Review Program Materials and Resources: Learn more about the FTHB Program and other first-time homebuyer resources by reviewing the information on this website. Reviewing and understanding FTHB Program parameters, guidelines, requirements, and protocols will help you assess if you are:
- Ready to submit an FTHB application;
- Eligible to participate in Concord’s FTHB Program;
- Have the financial wherewithal to purchase a home in the City of Concord.
- Ready to submit an FTHB application;
- Submit an FTHB Program Application to BAAHA: After reviewing the information provided on this website, submit an FTHB application to BAAHA.
- Secure a HUD Approved First Time Homebuyer Education Certificate: A HUD Approved homebuyer education certificate is not required to submit your FTHB application. However, all adult household members must complete a HUD Approved course prior to purchasing your home.
- Receive a Program Eligibility Notification (PEN): BAAHA will notify households whether they are eligible for the FTHB program and provide an estimate of the maximum purchase price the household can afford.
- Find a Certified Lender: Secure a mortgage pre-approval from a BAAHA certified lender.
- Get Preliminary Program Approval: Once you have your lender’s pre-approval, BAAHA will issue a Preliminary Program Approval (PPA). The PPA allows households to begin the process of purchasing a home that meets the PPA terms.
- Search for a Home: Work with a licensed real estate agent to find a home in Concord.
- Final Approval & Close: Once your offer is accepted, the City and your lender will provide final approval. Submit a copy of a Homebuyer Education Certificate of Completion from a HUD approved educator prior to closing your purchase transaction.
Directory
Introduction Concord Homebuyer Programs
▶ Program Overview
Applicant Eligibility Requirements
Application and Approval Process
Property and Purchase Requirements
Additional Funding Sources
Next Steps and FTHB Application Submittal
The City of Concord, in partnership with the Bay Area Affordable Homeownership Alliance (BAAHA), is providing a pathway to access homeownership in Concord. The City of Concord’s First Time Homebuyer (FTHB) Program offers up to $60,000 in down payment and closing cost assistance for purchasing a home in Concord.
Concord First Time Home Buyer Program
Program Administrator and Contact Info
The City of Concord contracts with the Bay Area Affordable Homeownership Alliance (BAAHA) to oversee all aspects of underwriting, screening, approving, and delivering the FTHB Program. BAAHA is a non-profit organization that has extensive experience in designing, implementing, and administrating first-time homebuyer programs throughout the Bay Area. Visit out about page to learn more.
For questions or more information contact BAAHA by email at info@myhomegateway.com.