City of Hayward
First-Time Homebuyer Assistance Program

What is the First-Time Homebuyer Assistance Program?
The City of Hayward, is committed to increasing the number of residents who own their homes.

The City recognizes that there are many families who want to own a home and can qualify for a mortgage and afford the monthly payments, but are unable to save enough for a down payment. The First-Time Homebuyer Program (FHP) helps eligible families purchase a home in the City of Hayward.

The FHP is designed to work with a number of different mortgage programs. The FHP provides down payment and closing cost assistance.

Am I eligible for the Program?

The FHP is designed to help first-time homebuyers who, without City assistance, would not be
able to own a home. 

To qualify, you must not have owned a home, condominium or town home within the last 3 years. 

You must not earn more than 120% of the area median income adjusted by house-hold size as listed in the following table:

FHP INCOME LIMITS:

Family Size                         Income Limit
1                                        $69,000
2                                        $78,900
3                                        $88,800
4                                         $98,600
5                                       $106,500
6                                       $114,400



What Kind of home can I purchase? 

You may purchase any new or existing home, single-family detached, or town home, (no manufactured housing units, duplexes or mobile homes). 

The home must be located within the municipal boundaries of the City of Hayward
( i.e., homes within the unincorporated areas do not qualify for assistance).

The maximum purchase price of the residence may not exceed $400,000

The City can not provide assistance to purchase properties with health and safety deficiencies or structural problems.

Can my family really afford to
own a home?

To find out if homeownership is right for you, attend one of the City's free Homebuyer Workshop.The Workshop takes you through the entire home buying process step-by-step. Topics include: deciding whether homeownership is right for you, shopping for the  home that meets your needs, obtaining a home mortgage, closing the sale, and maintaining you new home. By attending the Workshop you will know more about the home buying process and will be able to negotiate the purchase and financing of the home that is right for YOU. You will understand the terms of your mortgage and be confident that you can afford homeownership.

What are the terms of the FHP loan?

The city will provide qualify homebuyers up to $20,000 which includes:

Down payment assistance; and/or
Closing Cost Assistance

The FHP assistance is a 30-year, fully amortized loan. It has an interest rate that is established by the Federal Home Loan Bank, 11th District Cost of Funds Index (COFI) at the time of City approval. The loan is secured by a second deed of trust.

You must have a down payment of that least 3% of the purchase price, plus funds for recurring closing costs. If a CalHFA or FHA loan is used in congunction with the City's assistance, you must pay at least 1% of the purchase price plus recurring closing costs from there own funds.

Loan payments are due City on the first of each month and must be made by an electronic transfer the funds from your checking/savings account to the City. You authorize this transaction and maintain sufficient funds in your account for these payments.

Do I need to qualify for a mortgage?

Yes. In order to receive assistance, you must qualify for a home mortgage. Any of the participating lenders listed on the back of this brochure can determine if you qualify for a first mortgage and for the City's First-Time Homebuyer Assistance Program. You MUST use a lender listed in this brochure to participate in this program.

A suggested debt-two-income ratio should not exceed 45% of gross income for housing expenses and a combine (housing costs and debt)-to-income ratio should not exceed 45% (45% front-end debt ratio/45% back-end ratio.)

Approved Account Executives

The following account executives are approved to participate in the First-Time Homebuyers Assistance Program (FTHAP). Please contact one of these approved account executives to become pre-approved. These participating lenders will also determine your initial eligibility for the FTHAP. If you are unsure about whether your lender is approved for the FTHAP, please call (510) 583-4244.