Down-Payment Assistance Programs California ACCESS California ACCESS is a government down-payment assistance program that provides most of the down payment and closing costs needed by borrowers with limited income to purchase a home. With this beneficial program, a borrower usually only needs about $1,000 of his or her own money to buy a home and is required to pay very little back to the program each month. Borrowers may not own another home and must make less than a specified income that varies in the California counties where the program is available. As an example, the income limit in Sacramento County is $72,960. Contact a loan counselor at (916) 635-6737 to find out more about the program. California GOLD California GOLD provides funds for down payment and closing costs. Like the California ACCESS program, California GOLD borrowers receive down payment and closing costs, and only pay a small amount back each month. Income restrictions are higher with California GOLD, with the limit in Sacramento County at $72,960 per household. Contact a loan counselor at (916) 635-6737 to find out more about the program. Nehemiah The Nehemiah program is a nonprofit organization that provides borrowers with down-payment assistance. There is no income limit to this program. The Nehemiah program receives funds from interested sellers, and in turn gives most of that money to the prospective buyer for the down payment necessary to buy the home. For example, a buyer does not have the down payment and closing costs necessary to buy the desired home. The Nehemiah program accepts 5 percent of the selling price from the seller and gives 4 percent of that to the buyer. The program keeps the other 1 percent to cover its operating costs. The Nehemiah program provides a legal way for the seller to assist the buyer without giving money directly to him or her. This program is particularly attractive in a buyer’s market. For more details, contact a loan counselor at (916) 635-6737. County Grants Some counties offer grants to low-income families to help cover the down payment and closing costs. For example, in Sacramento County, a single person making $31,500 or less can receive a $2,500 grant from the county to buy his or her first home. The income limit varies by household size. County Loans Some counties offer down-payment assistance programs that provide loans for a first-time buyer’s down payment and closing costs. The loans are generally provided at a low interest rate and are forgivable after a certain number of years. For example, in Sacramento County, a borrower can receive down-payment assistance that is forgivable after 10 years. If the borrower sells the home during that time, a portion of the funds provided by the county must be returned to the county. To find out more, give us a call at (916) 635-6737. © 2001 HomeBuyer's Assistance Corporation.