El Dorado
County
General Contact Number: (530) 621-5567

Housing, Community and Economic Development Programs

FIRST TIME HOMEBUYER LOAN PROGRAM

First-Time Homebuyer's Assistance Loan Program Brochure

The First Time Homebuyer Loan Program provides low interest rate second mortgage loans to eligible homebuyers to assist in the purchase of a home in the unincorporated areas of the County. Funding for this program is provided through the Community Development Block Grant (CDBG) and HOME Investment Partnerships (HOME) Programs and the County's revolving loan fund.

Eligible applicants must meet the following requirements:

  • Household income at or below 80% area median based on household size (see the State CDBG and HOME's Table of Income Limits for current figures at https://www.hcd.ca.gov/grants-funding/income-limits/state-and-federal-income-limits.shtml

  • Ability to qualify for a fixed-rate first mortgage through a traditional lender

  • Requires down payments of the greater of 2% of the purchase price or $2,500

  • Cannot have owned a home or been on title to real property within the current three-year period (some exceptions may apply).

  • Priority will be given to applicants who live or work in El Dorado County

The loan program includes:

  • Interest rates as low as 3%

  • Payments deferred for 30 years

  • Loan amounts from $80,000 to $90,000 (HOME) or $100,000 (CDBG)

  • Funds can be used to cover initial loan costs such as escrow fees, and impounds

  • No equity recapture

Property Qualifications:

  • Home must be located within the unincorporated areas of El Dorado County

  • Structurally sound, previously owned home or new house

  • Home must be either vacant, owner occupied, or purchased by current renter

This program is designed as a gap financing program for applicants that would not qualify for a bank loan sufficient enough to purchase a home due to limited income. Loans are available to eligible applicants on a first-come first-served basis while funding lasts.

For more information about this program call (530) 621-5301.

The County of El Dorado is an Equal Housing Lender and does not discriminate on the basis of religion or religious affiliation, age, race, color, ancestry, national origin, sex, marital status, familial status (children), physical or mental disability, sexual orientation, or other arbitrary reason.