Grant Submittals

The program was designed by the City of Madera to assist low income households in the purchase of a home within the city limits of Madera.

Information and Requirements:

• City of Madera will assist eligible households with a zero interest, silent second loan in the purchase of their first home.

• Homes purchased must remain the principal residence of the assisted family.

• All loans are designed to provide “gap” financing after the 1^st mortgage is secured and the family contribution has been placed into escrow. The City’s loan will cover the difference between the sales price of the home, minus the 1^st mortgage and family contribution including closing costs to purchase your fist home.

• Family contribution is equal to one month (1/12^th) of the annual family’s income.

• All homes purchased must be within the city limits of Madera.

• A first time homebuyer is one who has not owned a home in the past three years.

• A copy of a homeownership class certificate must be provided to City Housing Staff before the close of escrow.

• Must have annual family income that does not exceed 80% of the Madera County Area Median Income based on family size.

• Eligible households must be able to qualify for a 1^st mortgage based on their family income that is considered sufficient by lenders to purchase a home.

• All 1^st mortgage loans must be 30-year fixed interest loans.

• All City of Madera loans are due and payable in full upon sale, transfer of title, or upon repayment or refinancing of the primary loan that increases the amount of the primary loan.

• The City of Madera provides up to a maximum of $55,000 per family to cover the “gap” resulting from the sales price of the home minus the 1^st mortgage, minus the family contribution, and is to include all one-time closing costs associated with the purchase of the home selected by the family.

• Homes built before 1978 must have a lead based paint and Housing Quality Standards inspection with all loans approved being made “subject to” passing both these housing inspection tests.

• All City of Madera First Time Homebuyer loans must be approved by the City’s Loan Review Committee.

First Time Homebuyer Application

Family Income Limits

English and Spanish First Time Homebuyer Brochures

City of Madera Instructions to First Time Homebuyers

Information for Buyers, Lenders, and Realtors

First Time Homebuyer Program Guidelines

The Program was designed by the City of Madera to assist as many eligible households as the existing funds will support to restore their homes in order to meet the Uniform Building Code and “safe, decent and sanitary” standards established by the City of Madera’s Building Division.

Contact Information:

Call: (559) 661-3689 to make an appointment with The Program Manager.

Email: lcamacho@madera.gov

FAX: (559) 674-2972

Address: 205 West Fourth Street, Madera, CA 93637

Information and Requirements:

• Must own your home for more than one year.

• Your home is your principal residence.

• Your home is located within the city limits of Madera.

• If you qualify, the City of Madera will loan you funds based on existing equity in your home in the form of a second mortgage loan equal to the repairs needed to repair your home.

• The goal of the program is to assist eligible households to bring their home in conformance with the Uniform Building Code and meet “safe, decent and sanitary” standards established by the Building Division of the City of Madera.

• All loans will become zero interest deferred loans and be recorded on the property.

• Equity is determined through an appraisal combined with a Policy of Insurance of Record Title.

• Homes built earlier than 1978 will require a Lead Based Paint Test Report.

• All homes will be tested and a report generated of Wood Destroying Pests and Organisms.

• All loans are approved by the City of Madera’s Loan Review Committee.

• All loans are based upon the family income being at or less than 80% of Area Median Income.

• The City’s Housing Staff will determine income eligibility based on program guidelines approved by the City Council.

• Grants are available on a limited basis if family income is at or less than 50% of Area Median Income.

• Housing Staff will require a written list of home repairs eligible participants feel are needed for their home.

Information Needed to Determine Your Eligibility for Rehabilitation Services:

• Filled out Owner Occupied Rehabilitation Application

• Verification of your mortgage (most recent mortgage statement)

• Deed to property

• Verification that you have hazard insurance and that it is current.

• A copy of your CA Drivers License of Picture I.D. for everyone on title to your property

• Most recent Federal Income Tax report with all W-2’s attached

• To verify income eligibility, from all family members 18 years of age and older check stubs, wage print out statements, child support documents, TANF documents, SSI/SSA status letters, current bank statements, and checking/savings statements.

• Most current P. G. & E. statements going back three months.