The Placer County Board of Supervisors this week approved updated eligibility guidelines for the county's first-time homebuyers program. Photo courtesy of Placer County

AUBURN, CA (MPG) - The Placer County Board of Supervisors approved updated eligibility guidelines for the county's first-time homebuyers program, which will provide qualified applicants with up to $100,000 in down payment assistance.

Funded through federal and state housing programs, Placer County has a total of $2,624,007 available to assist eligible households in purchasing their first homes. The program offers a favorable loan term with a 1% minimum down payment, a 3% interest rate and a 30-year loan term to ensure affordability for applicants.

"Our goal is to bridge the gap that many home buyers have experienced in trying to gain entry into the Placer County home market," Housing Manager Nikki Streegan said. "It's an opportunity to help individuals and families achieve the dream of home ownership and plant roots here to build a more vibrant future for all of Placer County."

The program is funded through the federal HOME Investment Partnership Program and Community Development Block Grant and the state's Permanent Local Housing Allocation programs.

Placer's first-time homebuyer guidelines can accommodate applicants who earn up to 150% of the area median income.

For example, 150% the area median income for a family of four is $181,200.

To be eligible as a first-time homebuyer applicants must be: 

A household who has not owned a home (other than a mobile home) in the past three years or;

A displaced homemaker who has not worked on a full-time basis for 12 consecutive months in the past two years or;

A single parent who is unmarried or legally separated from their spouse and has custody or joint custody of a minor or;

A household that owned a home not fixed on a permanent foundation or owned a home out of compliance with local, state or model building codes whose cost to bring their structure into compliance would be more than the cost of constructing a permanent structure.

Pre-approved for a first mortgage loan.

For more information on how to apply for the Placer County First-Time Homebuyer Program, click here.

For details on a May 30 first-time homebuyer's webinar hosted by the county's Housing Division, click here.