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Supes approve $25M in first-time homebuyer assistance

Santa Clara County’s Board of Supervisors has unanimously approved $25 million in 2016 Measure A Affordable Housing Bond funds to finance a new, first-time homebuyer down payment loan program, according to a June 20 announcement.

Through a partnership between the county’s Office of Supportive Housing and Housing Trust Silicon Valley—which will administer the program—the funds will assist approximately 250 households over the first five years of the program by providing deferred loans for down payments of up to 17 percent of a home’s purchase price.

In November 2016, County voters approved Measure A, a $950 million affordable housing general obligation bond. A portion of those assets was earmarked to fund a loan program for first-time homebuyers with incomes not exceeding 120 percent of the area’s median income.

“As part of our overall strategy to expand affordable housing options in the county, this loan program gives us the opportunity to offer many first-time home buyers a financially viable way to fulfill their dream of homeownership,” said District 1 Supervisor Mike Wasserman, vice chairman of the board’s Housing, Land Use, Environment and Transportation Committee.

Mountain Mortgage Guy: Eagle County down payment assistance options vary, but they're out there (column)

With the high price of homes in Eagle County, buying even a modest home can be a stretch for some people, but there are some options offered by Eagle County and some local employers that can help.

The most widely available is the Eagle County Loan Fund, which will provide buyers a second mortgage up to $15,000. The borrower is required to invest at least half of the loan amount from his or her own money. There are also income caps of $139,040 per year, and that counts combined income of all borrowers.

The borrower may not have assets (excluding retirement accounts) of more than 150 percent of the household income. One issue for some borrowers is that this program has a max debt-to-income ratio of 45 percent, which is sometimes lower than what a first mortgage lender will allow. The income cap is waived if the borrower is buying a deed-restricted home.

There are no monthly payments, and if the loan is paid back in 24 months, then there is no interest charged. If it's not paid off, then interest is imputed at the same rate the property appreciates over time and the loan and accrued interest is payable at the time the property is sold. Appreciation between the purchase price and the sales price are averaged over the number of years the loan is outstanding.

I have a 2nd Mortgage with a high interest. Should I pay off my 2nd Mortgage first or fund my roth ira?


My interest rate is 9%. So everyone is in agreement that I should pay my 2nd mortgage down before investing in the Roth? Would it still be a good idea even though I can do a tax deduction for my 2nd mortgage.


I think it sort of depends. I have a $40,000 2nd morgage that was adjustable at 8.75%. This interest rate has been rising over the last year or so and may be continue to rise. The question that I asked is whether I can make 8.