Downpayment Assistance Now Available Town-Wide

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By Staff Reports

(Apple Valley)– Does your house need repairs that you can’t afford?  Are you renting a place but dreaming of a home to call your own? You may qualify for help to make these dreams come true. The Town of Apple Valley has more than $2 million in grant funds to help with the purchase or rehabilitation of a home in the form of 30-year deferred, 0% interest loans.

Downpayment Assistance

While previous assistance was limited to selected areas of town, the 2013 Cal Home award provides the first town-wide down payment funding source in nearly a decade. Low to moderate income first time homebuyers may be eligible for up to $55,000 to buy a home with a purchase price that does not exceed $183,000. The property must be a fee simple single family residence in the incorporated area of Apple Valley. Manufactured and mobile homes on individually owned parcels are eligible if they are on a permanent foundation. An additional $1 million in funding remains available for homes purchased within the eligible target area.

Interested buyers should contact a Town-approved participating lender to be pre-qualified for a conventional fixed rate first mortgage and to calculate the level of assistance to be provided by the Town.

Residential Rehabilitation Loan Program

Apple Valley residents who already own a home may qualify for up to $20,000 for eligible repairs. Known as the Residential Rehabilitation Loan Program (RRLP), money is provided to address health, safety and code violation issues, energy conservation, weatherization, accessibility and deferred maintenance. Eligible items include, but are not limited to: roofing, heating and air conditioning, evaporative coolers, doors and windows, painting, flooring, insulation, plumbing, and electrical work.

The work must be done on owner-occupied, single-family residential properties within town boundaries. There are no required payments during the 30-year term of loan, but the loan becomes due if the property is sold, transferred, no longer the primary residence or refinanced for cash out. The applicant must complete an application packet and provide evidence of income, show responsible credit history, and be current on house payments, property taxes and insurance.

Residents interested in participating in either loan program may call (760) 240-7000 X 7919 for further information. Download program brochures and additional information at www.AVHousingPrograms.org – look under Community, then Housing Programs.

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