Economic
& Community Development
Downpayment Assistance
City of Bakersfield Downpayment Assistance Overview
The purpose of the Downpayment Assistance Program is to assist eligible low and moderate-income homebuyers in purchasing a new home in one of the City’s site specific developments.
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This program is available to those who are in need of assistance with their downpayment and closing costs.
Homeownership assistance is furnished as a deferred loan (silent second) with 0% interest to assist with down payment and closing costs.
The loan has a 30 year deferred loan term. This means no monthly payment of principal is required and the loan will not accrue interest. The balance of the loan amount shall be due and payable at the end of the thirtieth (30th) year of the loan term.
If at anytime during the loan term the property is sold, transferred, refinanced, upon a change in title, or the home is no longer the primary residence for the original buyer, then the loan shall be due and payable in full.
Eligible homebuyers must conform to either of the following income requirements, set by the federal Department of Housing and Urban Development (HUD) or California Housing and Community Development (HCD):
HUD Income Limits 80% of Median Income* (as of 3/01/2009)
No. In Family
Income Limit
1
2
3
4
5
6
$31,250
$35,700
$40,200
$44,650
$48,200
$51,800
HCD Income Limits 120% of Median Income (as of 3/01/2009)
No. In Family
Income Limit
1
2
3
4
5
6
$46,850
$53,550
$60,250
$66,950
$72,300
$77,650
Copyright @ 1998 - 2010 - City of Bakersfield. All rights reserved. Mailing Address: 1600 Truxtun Avenue., Bakersfield, California 93301
Phone: (661) 326-3000 | Business Hours: 8:00 a.m. to 5:00 p.m. | Monday through
Friday except Holidays.
