Monterey County Down Payment Assistance Program

Monterey County Down Payment Assistance Program is sponsored by Monterey County, CA. Monterey County, California, offers a down payment assistance program. This can be beneficial for seniors looking to purchase a home in the county.

Assist-to-Own Program | County of Monterey | GSFA County of Monterey Employees — Discover the "Assist-to-Own" Advantage For many Californians, saving enough for a down payment can feel like the biggest barrier to homeownership. Assist-to-Own was created to help remove that obstacle and make buying a home feel more achievable sooner.

Assist-to-Own is a special feature of the GSFA Platinum Program available to eligible employees of GSFA Member Counties . It provides down payment and closing cost assistance of up to 5. 5% of the First Mortgage loan amount and can be used to purchase or refinance a primary residence anywhere in California.

How Much Assistance Could You Receive? Assistance is based on the First Mortgage loan amount and may be used for down payment and/or closing costs. Examples below: Up to $44,000 in assistance on an $800,000 First Mortgage loan Up to $27,500 in assistance on a $500,000 First Mortgage loan Enhanced Assistance Structure Assist-to-Own enhances affordability through an improved structure for the primary assistance.

The primary assistance is a deferred Second Mortgage equal to 3. 5% of the First Mortgage loan amount. With Assist-to-Own, this portion carries a 0% interest rate and requires no monthly payments .

Repayment is deferred until the home is sold, refinanced, or the first mortgage is paid in full. In addition, eligible borrowers may receive up to an additional 2% in assistance as a non-repayable grant, which is fully forgiven at the time of closing.

More Affordable Entry to Homeownership — Down payment assistance available to help reduce upfront costs at closing A Powerful Built-In Advantage — 0% interest deferred assistance with no monthly payment More People Can Qualify — Available to both first-time and repeat homebuyers with income limits that are often more flexible than expected More Homes to Choose From — Eligible for 1–4 unit homes, condos, townhomes, and manufactured homes Freedom to Buy Across California — Flexible financing options including FHA, VA, USDA, and Conventional loans, with no purchase price limit (maximum loan limit Broader Qualification Pathways — FICO scores as low as 640 and higher debt-to-income ratios may still qualify Click the links below to register to attend the workshop of your choice: If you are a homebuyer interested in applying for any of the GSFA down payment assistance programs, reach out to one of the GSFA Participating Lenders.

Our Lenders will explain program guidelines, provide interest rates and APRs, look into your finances and help you make the right decision for your specific situation and needs. (1) The GSFA Assist-to-Own Program is made possible and administered by Golden State Finance Authority (GSFA), a duly constituted public entity and agency in California. Employment with a GSFA Member County is required for participation in the Program.

County of Monterey is a GSFA Member County and therefore employees of County of Monterey are eligible to apply for the Program. This page contains general program information, is not an offer for extension of credit nor a commitment to lend and is subject to change without notice.

Complete program guidelines, loan applications, interest rates and annual percentage rates (APRs) are available through GSFA Participating Lender, as listed here on the GSFA website. Cover photo by Larry Venus, Monterey County. (855) 740-8422 — Toll-free 1215 K Street, Suite 1650, Sacramento, CA 95814