The Housing Trust of Santa Clara County is asking SILVAR REALTORS® to inform their clients that money is available to help Santa Clara County residents purchase their first home.

“We have money and we want to help. There’s plenty of money for people to qualify,” Dan Lachman, director of lending for The Housing Trust of Santa Clara County, told a focus group composed of SILVAR REALTORS® meeting in Mountain View this week.

Lachman discussed The Housing Trust’s current homebuyer assistance programs and sought feedback from the REALTORS® on how the nonprofit lender can more effectively provide opportunities in Mountain View. The Housing Trust is planning to have a public outreach event for Mountain View residents in the fall. Mountain View City Council member Margaret Abe-Koga joined Lachman and the REALTORS® at the meeting, stating she wishes more people who work in Mountain View could avail of the home buyer programs, so they could live in Mountain View, as well.

The Housing Trust of Santa Clara County makes loans and grants to increase the supply of affordable housing, prevent homelessness and assist qualified individuals and families in buying their first home. Lachman specifically asked the REALTORS® to inform their clients of two programs that provide assistance to first-time home buyers – the Closing Cost Assistance Program (CCAP) and the Mortgage Assistance Program (MAP). In order to qualify for either of these programs, the household income for a four-member household cannot exceed $126,000, or the income for a single-member household cannot exceed $88,200.

The Closing Cost Assistance Program (CCAP) for first-time homebuyers provides 3 percent of the purchase price up to $15,000 towards the down payment, closing costs or other transaction expenses associated with a home purchase. No interest or principal payments are due during the term of the loan. This loan is due when the borrower sells the house or refinances the home, or in 30 years, with a 3 percent deferred interest rate.

The Mortgage Assistance Program (MAP) is an amortizing 30-year second mortgage available for moderate-income first-time home buyers. Second loans of 17 percent of the purchase price up to $85,000 are available under this program, with the interest rate at 1 percent above the interest rate of the first loan.

Lachman and his team have offered to speak to companies and business about the non-profit lender’s loan programs. See the next scheduled workshop here. For more information about The Housing Trust, its programs and program guidelines, visit www.housingtrustcc.org

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