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THE MISSION OF THE NEVADA COUNTY DEPARTMENT OF HOUSING AND COMMUNITY SERVICES IS TO EFFECTIVELY INCREASE AND ADMINISTER RESOURCES TO DEVELOP AFFORDABLE HOUSING, PROVIDE LOW-INCOME RESIDENTS WITH PREVENTIVE AND EMERGENCY SERVICES AND PROGRAMSAIMED AT ASSISTING THOSE RESIDENTS IN BECOMING SELF-SUFFICIENT MEMBERS OF THE COMMUNITY.
The County will take steps to effectively communicate with disabled job and housing applicants, residents and members of the public, including the use of auxiliary aids. Reasonable accommodations will be provided upon request.
What is the Nevada County Down Payment Assistance Program?
Nevada County has funds available to assist first time homebuyers
with their down payments and closing costs. The Nevada County Down
Payment Assistance Program (DAP) provides a loan up to $100,000 to income
qualified, first time homebuyers.
Federal Money for this program comes from grants awarded the County
by the California Department of Housing and Community Development.
What homes qualify?
Eligible homes include newly constructed homes, existing homes, and manufactured homes on foundations. The homes must be located in
the unincorporated areas of Nevada County.
Who is Eligible?
Potential DAP homebuyers must meet the definition of first-time homebuyer*,
be able to qualify for a first mortgage, and qualify under the following income
guide lines.
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FAMILY SIZE MAXIMUM INCOME LIMIT |
*You can qualify as a first-time home buyer if you have not owned a home in
the last three years or you are a single parent that qualifies as a “displaced
homemaker”. Basic Provisions of the DAP Program
The maximum purchase price for home is $417,050 for the unincorporated areas of
Nevada County.
The DAP loan will accrue 3% simple interest until paid and may not exceed 30%
of the purchase price.
The DAP loan is due when the home is sold, title changes hands, the loan recipient
ceases to live in the home, or in 30 years.
Homes must pass an inspection for Housing Quality Standards.
Homebuyer education is required.
Combination of both loans, first and second, may not exceed 100% of the
appraised value.
Assistance is calculated so that homebuyer will pay no more than 40% of their
income towards their housing payment.
The home at the time of purchase must be either owner occupied, occupied by
the applicant, or vacant for at least 4 months. Community Development Agency Housing Division
950 Maidu Ave. Nevada City, CA 95959 (530) 265-1388
Information for: Nevada City, Grass Valley, Alta Sierra, Rough & Ready, Penn Valley, Cedar Ridge, Peardale and Chicago Park, North San Juan, and all of Western Nevada County, featuring; Nevada County real estate, homes, land, lodging, dining, community resources, and history.
LET US
HELP YOU OPEN THE DOOR TO HOMEOWNERSHIP!
Community Development Agency
Housing Division
950 Maidu Ave.
Nevada City, CA 95959
(530) 265-138
HOW TO APPLYTHE APPLICANT SHOULD CONTACT A MORTGAGE BROKER OR LENDER TO
ESTABLISH PRELIMINARY ELIGIBILITY. THE APPLICANT WILL THEN HAVE TIME TO FULFILL OTHER LOAN REQUIREMENTS,
SUCH AS FINAL APPROVAL ON FIRST MORTGAGE LOAN, HQS INSPECTION, HOMEBUYER’S EDUCATION, ETC., .ONCE THESE REQUIREMENTS ARE COMPLETED THE COUNTY WILL ISSUE FINAL
APPROVAL AND FUND THE LOAN.
***"Home ownership is an important step for a family but it doesn't need to be a difficult one with the help of a good agent." SARA Sara calls:
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