If you’ve been dreaming of owning a home in the Bay Area but keep hitting a wall when saving for a down payment, there’s some good news on the horizon. A new down payment assistance program is making it a little easier for first-time buyers to literally get their foot in the door.
What’s the Program?
The Home Access Program, launched by Housing Trust Silicon Valley, is offering up to $200,000 in down payment assistance to qualifying first-time homebuyers in Alameda and Contra Costa Counties. That’s up to 40% of a home’s purchase price, a serious boost in a market where home prices are sky-high.
Why This Matters for Bay Area Buyers
Let’s face it: buying a home in the Bay Area isn’t easy. The median home price in California hit $832,500 earlier this year, and in cities like San Francisco and San Jose, that number jumps to around $1.4 million. With mortgage rates still hovering between 6% and 7%, many would-be buyers have found themselves priced out, especially those with lower incomes.
This program is designed to level the playing field a bit, helping more people move from renting to owning.
Who Can Apply?
To qualify, you need to:
- Be a first-time homebuyer
- Be purchasing a primary residence in Alameda or Contra Costa County
- Have a household income at or below 80% of the Area Median Income (AMI)
- Contribute at least 3% of the home’s purchase price yourself
- Complete an 8-hour HUD-certified homebuyer education class
- Get preapproved by a participating lender before applying
Here’s a quick look at the income limits:
| Household Size | Max Income |
|---|---|
| 1 person | $84,600 |
| 2 people | $96,650 |
| 3 people | $108,750 |
| 4 people | $120,800 |
| 5 people | $130,500 |
| 6 people | $140,150 |
How the Loan Works
This isn’t a grant; it’s a 30-year deferred loan with a simple interest rate. What does that mean for you?
- No monthly payments
- Interest accrues annually until it’s paid off
- You’ll repay the loan when you sell, refinance, or hit the 30-year mark
In other words, you get the upfront help when you need it most, without extra monthly debt.
What Can You Buy?
The assistance can be used to purchase:
- A single-family home
- A townhome
- A condo
As long as it’s in Alameda or Contra Costa County and will be your primary residence, you’re good to go.
What’s Next?
If this sounds like a fit for you, your first step is to submit an interest form through Housing Trust Silicon Valley. Once submitted, you should hear back within three business days.
Buying your first home in the Bay Area may still be a challenge, but with programs like this one, it’s a little more possible. Ready to make your move?
Visit Housing Trust Silicon Valley’s website to learn more and apply.
Do you have questions or want help navigating the process? Let’s chat! I’d love to help you figure out your next steps toward homeownership.
Bay Area Homebuyer 
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