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Down Payment Assistance

Down Payment Assistance

VCCDC Lending can provide opportunities for you to access up to $35,000, and we want to do exactly that. We have long-standing and strong relationships with our bank partners that allow us to provide you with more purchasing power. 

VCCDC Lending can provide opportunities for you to access up to $35,000, and we want to do exactly that. We have long-standing and strong relationships with our bank partners that allow us to provide you wtih more purchasing power.

In addition to our first lending mortgage, VCCDC Lending offers several down payment assistance programs and loans. Click on the following links to learn more or call/email us at 805-273-7800 / [email protected]

CalHome Deferred Loan Down Payment Assistance Program

VCCDC Lending has funded more than $8.4 million in down payment assistance loans for first-time home buyer households at or below 80% Area Media Income (AMI).The general criteria for CalHome Funds consist of the following:

  • Deferred loan (i.e. requires no payments) for 30 years with an interest rate of 3%
  • Apply to down payment and/or closing costs
  • For low income home buyers - up to 80% Area Median Income
  • Can be combined with WISH Program for up to $35,000 total assistance
  • Minimum down payment of 1% of buyer's own seasoned funds required
  • Borrower must repay the loan (plus the accrued interest) upon resale of the home, refinancing or loan maturity.
  • Other criteria/requirements apply

Request Info

 

 

WISH Match Funds Program

In conjunction with the Federal Home Loan Bank of San Francisco, the WISH Program provides up to $15,000 (per household) to be used toward a down payment or closing costs in connection with the purchase of a home, matching up to $3 for every dollar saved by the homebuyer. The subsidy must be used toward a down payment or closing costs in connection with the purchase of a home that will serve as the homebuyer’s primary residence. 

  • Matches up to $3 for every dollar contributed by the homebuyer
  • Grant forgiven after 5 years*
  • Apply to down payment and/or closing costs
  • For low income home buyers (up to 80% AMI)
  • Can be combined with CalHome Program for up to $35,000 total assistance
  • Other criteria/requirements apply
Request Info
 
 
 

Minimum Down Payment Assistance Requirements

To take advantage of any VCCDC related down payment assistance programs, you must meet each of the following requirements:

  • First-time homebuyer (for certain programs)
  • Meet income requirements
  • Comply with down payment requirements
  • Down payment of own seasoned funds (amount needed depends on program)
  • Complete VCCDC’s Homebuyer Education and Counseling Program
Request Info