What is a Down Payment Assistance Program?

• This grant is in the form of a “gift” from a nonprofit organization. This grant will not need to be repaid, result in any liens on the property, or be charged any interest rate.
• This grant is for first-time homebuyers only.
• The Santa Clara County REALTORS® Foundation (SCCRF) is here to help with affordable housing, and with this Down Payment Assistance Program, we hope to help community members buy their first home.

 How do I qualify?

• Review the parameters you will need to qualify:
  • Step 1. Submit your intake form via our SCCRF website.
  • Step 2. Within a few days, someone from the NID Housing Agency, a 3rd party administrator, will contact you for more information. You will submit additional documents to them. They will review your intake form and documentation to confirm your qualification and approve your grant request  (This can take up to 3 business days).
  • Step 3. Once approved, the NID Housing Agency will send you a pre-approval letter for your reference; NID will also send SCCRF a copy of the approval letter.  You then have 30 to get into escrow and 60 days to close the transaction.
  • Step 4. Once in contract, provide the contract and the loan application 1003 to get final approval.
  • Step 5. The NID Housing Agency will confirm final approval of your grant request (This can take up to 3 business days).
  • Step 6. SCCRF will send the grant money to your Escrow officer 7-10 days before the close of escrow, dated on the purchase contract.

Definition of a first-time home buyer? (ex. If I bought a home by myself, and then got married and went to buy a home as a couple, does that qualify as a First-Time Home Buyer?)

• The definition of a first-time Homebuyer is an applicant who has not owned a home or had any ownership interest in a home during the last three (3) consecutive calendar years prior to the date of application for eligibility. This applies to all co-applicants who are household members.

Why should I apply?

• Apply if you need assistance with your down payment, your income is at or below the Area Median Income for Santa Clara County, and meet the parameters SCCRF has for this program (please see the program details)

How do I apply?

• Submit your intake form via our SCCRF website

If I am receiving other assistance, am I eligible to apply to this program?

• This will be based on your lender’s requirements; some lenders will not allow you to have more than one down payment assistance program for the loan you qualify for. Please check and clarify with your lender.

What does my income have to be to qualify for this program?

• Your household income needs to be at or below the Santa Clara County Area Median Income. A household is defined as “ALL individuals” who occupy a housing unit. The occupants may be a single family, one person living alone, two or more families living together, or any other group of related or unrelated persons who share living arrangements.

• All adult household members will need to sign an Affidavit of household income.

What kind of properties can I buy with this program’s assistance?

• Property types: SFR (single-family residence), Townhouse, or Condominium

 Can I use this program to purchase an investment property?

• This grant is only for owner-occupied properties (also known as a primary residence); no investment properties are allowed.

Can I buy a property anywhere?

• This grant only applies to properties purchased in Santa Clara County.

How much money do I get?

• The grant request can be up to $10,000 per subject property and household/applicants.

Do I have to pay it back?

• No, this grant is in the form of a “gift” from a nonprofit organization. This grant will not need to be repaid, will not result in any liens, and will not be charged any interest.

 How much can a household make versus a single income?

• The Maximum Gross Annual Household Income Limits by household size refers to the income limits for Santa Clara County, as determined by the California Department of Housing and Community Development and updated on an annual basis.
• The Maximum Gross Annual Household Income Limit for the program is 100% of the Area Median Income (AMI). Please see the program details.

Can it be multi-generational living?

• Yes, this grant can apply to multi-generational living as long as it fits the parameters of the 100% of the Area Median Income and property type.

Can I pick my own REALTOR?

• Yes, you can just as long as they are an active REALTOR® member.

When do I get the money?

• SCCRF will send the grant money to your Escrow officer 7-10 days before you close escrow.  As a reminder, you have 30 days to get into escrow and 60 days to close.

Can I use it as part of my offer?

• You can share that you will be requesting a Down Payment Assistance Grant of up to $10,000 from SCCRF and can show the approval letter within 10 business days once you are in a ratified contract.

For additional questions, click here to contact the grant administrator