Prospective applicants for future rounds of funding are encouraged to join an interest list to receive updates on program availability and future application periods. Photo courtesy of Placer County

AUBURN, CA (MPG) - Placer County has closed the application window for its First-Time Homebuyer Assistance Program, which offers up to $100,000 in down payment assistance for qualified applicants.

The program, funded through a total of $2.6 million from the federal HOME Investment Partnership Program, Community Development Block Grants, and the state’s Permanent Local Housing Allocation programs, is at capacity.

“At this time, we have far more applicants than we have funding,” said Housing Manager Nikki Streegan. “Interest in the program speaks to a great demand for affordable homeownership opportunities and we will continue to collect information from prospective first-time home buyers through an interest list as we move forward.”

Applicants that receive approval for the program will be contacted and provided a letter for their primary mortgage lender to use in the process of purchasing the home. Funding is allocated on a first-come-first-served basis as qualified homebuyers prepare to enter into contracts for a home purchase.

Eligibility extends to households earning up to 150% of the area median income. For instance, a family of four can have an income of up to $181,200. Applicants must be first-time homebuyers ( which includes individuals who haven't owned a home in the past three years), displaced homemakers, single parents or those who previously owned non-compliant housing structures.

Prospective applicants for future rounds of funding are encouraged to join an interest list to receive updates on program availability and future application periods. For more information and to sign up, visit the Placer County First-Time Homebuyer Program page.