City of San Leandro Down Payment Assistance Program
Applicant Eligibility
  • Must be a first-time homebuyer (not owned primary residence for 3 years).
  • Household income cannot exceed 120% of area median income (AMI) for Alameda County adjusted for family size.
  • Must qualify for a first mortgage loan.
  • Prescreen worksheet must be submitted to First Home, Inc., the Program Administrator.
Eligible Properties
  • Single family attached or detached residences including town houses and condominiums.
  • Property must be located in the San Leandro city limits.
Maximum Loan
  • Up to $30,000 for , depending on income bracket that the households falls into
Loan Terms
  • 20-year term.
  • 0% interest for the first 5 years then 3% for the remaining life of the loan.
  • Borrower required to make down payment of 3%.
  • Borrower must remain owner/occupant through the term of the loan.
  • Homebuyer education certificate required.
Repayment
  • Payments deferred for the first 5 years of the loan and then amortirized.
  • There is no pre-payment penalty.
   
Loan Security
  • City loan secured by second deed of trust.
  • Junior loans from another source, such as the Federal Home Loan Bank’s WISH program and a variety of CalHFA programs may be available to leverage the City loan.
Summary
  • This table presents a summary of the program. The Program Manual gives more detail. The definitive source for program terms and conditions are the notes, deeds, and regulatory agreements the buyer will execute as part of a real estate escrow.