PURPOSE OF THE PROGRAM
The City of Taft First Time Homebuyer Mortgage Assistance Program (FTHB) has been implemented to provide financial assistance to Program-eligible homebuyers. The Program is available only to those who are most in need of assistance with DOWN PAYMENT AND CLOSING COSTS.
Eligible homebuyers include residents who have not owned a home during the 36 months prior to receipt of the FTHB application for assistance (time requirements may be waived for displaced homemakers and single parents). Eligible FTHB’s must also conform to the following maximum income limitations, set by the Federal Department of Housing and Urban Development (HUD).
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Table of Income Limits*
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No. in Family
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Income Limits
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1
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$22,550
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2
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$25,800
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3
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$29,000
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4
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$32,250
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5
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$34,800
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6
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$37,400
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7
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$40,000
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8
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$42,550
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*Subject to Change
PERTINENT FACTS
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City Assistance:
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Based on demonstrated need, City will loan up to 15% of the property sales price (maximum sales price $75,000). City loan will be secured by a second Trust Deed. Loan rates and terms are based on borrower’s ability to repay.
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Eligible Address:
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Within the City of Taft. If the property requires Rehab it must be within the Target Area (1st to 10th Streets and Oak to Calvin/Warren).
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Eligible Properties:
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Single-Family residences, condominiums, manufactured homes and planned unit developments.
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Down Payment
Required of Buyer:
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Fifty percent (50%) of total down payment.
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Bank Loan:
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First Trust Deed – Interest rate, terms and conditions as required by Bank. |
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APPROVED LENDERS FOR FIRST –TIME HOMEBUYER PROGRAM
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First National Home Finance
5407 Stockdale Hwy., #100
Bakersfield, CA 93309
(661)835-9582
Carol Davidson
North American Mortgage
5001 East CommerceCenter Dr.
Bakersfield, CA 93309
(661)328-0188
Melody Brouckaert
Westchester Funding
2437 Oak Street
Bakersfield, CA 93301
(661)862-5520
Brenda Garnas
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Union Planters Mortgage
5201 California Ave., Ste 370
Bakersfield, CA 93309
(661)328-8850
Washington Mutual Bank
329 Kern Street
Taft, CA 93268
(661)765-2169
Penny Brewton
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SAMPLE LOAN INFORMATION
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Sale Price of Home
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$75,000 |
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Base Loan Amount
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$73,250 |
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Down Payment
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$ 1,750 |
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City Pays
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$ 875 |
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You Pay
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$ 875 |
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Total Closing Costs
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$ 2,965 |
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City Pays
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$ 2,965 |
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You Pay
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$ -0- |
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Mortgage Pmt. (1st TD)
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$ 680 PITI* |
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Mortgage Pmt. (2nd TD)
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$ ** |
**Monthly payment on CITY loan will be determined by borrower’s ability to repay.
Based on 30 yr. FHA Loan @ 8%*
*APR 9.25%
In this example, the City pays ½ of the down payment ($875) plus closing costs of $2,965 for total assistance of $3,840. The maximum amount of assistance for any loan under the First-Time Homebuyers Mortgage Assistance Program is 15% of the purchase price.
For more information, please call:
City of Taft
(661) 763-3144 Ext. 24
or your Realtor
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