The City of Santa Maria, Santa Barbara County and the Santa Barbara County Housing Trust Fund are teaming up to offer Down Payment Assistance Loans to North County home buyers for the first time in over a decade.
The Homebuyer Labor Down Payment Assistance Loan Program helps local low-income households purchase their first home in Santa Barbara County. Eligible households cannot have owned a home in the past three years.
Current income limits for the program are based on the California Department of Housing and Community Development’s 2021 guidelines and will be updated once the department releases its 2022 data. Under the 2021 guidelines, a family of four people is considered low income below a combined income of $100,050.
Those affected by the Thomas Fire or the Montecito Mudslide may qualify for the program if they meet the requirements as a moderate-income family – $108,100 for a family of four.
The program offers a 30-year deferred down payment loan of 20% of the purchase price of the home, up to a maximum of $100,000. Funding comes from CalHome and the Permanent Local Housing Allowance program, as well as state grants to the Housing Trust Fund from the California Department of Housing and Community Development, Santa Barbara County, and Santa Maria.
In addition to this, Santa Maria, in conjunction with the county, uses funds from the Permanent Local Housing Benefit Program to provide additional closing cost support of up to $5,000 for eligible borrowers. Amount may be subject to change depending on available financing and excludes homes purchased in Lompoc and Santa Barbara.
The Housing Trust Fund is a non-profit funding agency whose mission is to raise financial resources to develop workforce and affordable housing opportunities for county residents and workers.
For more information about the Housing Trust Fund and the Workforce Homebuyers Down Payment Loan Program, contact Yevette Lounsbury, Homebuyer Loans Administrator at 805-845-3585 or email [email protected]