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Monterey County Down Payment Assistance Program

California

Available Assistance

The FTHB Program provides down payment assistance in the form of a loan, the maximum amount of which may not exceed the lesser of the maximum HOME subsidy limit, 20 percent of the purchase price, or the amount needed as determined by underwriting criteria. The maximum loan amount will never exceed the amount of the primary loan.

Eligibility Requirements

To be considered eligible for the FTHB Program, borrowers must meet certain requirements. Applicants must be residents of Monterey County and first-time homebuyers, which means that those who have owned a home in the last three years do not qualify. FTHB down payment assistance is available only to those whose annual household income falls at or under 80 percent of the area median income for Monterey County (limits shown below). Additionally, all borrowers must be able to contribute at least 3.5 percent of the purchase price from their own funds toward the down payment.

Property Guidelines

Any home being purchased by a borrower must serve as their primary residence, and must be “modest;” no more than three bedrooms, two bathrooms, and a two-car garage. The property must not exceed the program’s maximum purchase price, $396,000 for all unincorporated areas of the County.

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