You won’t see the words “affordable housing” and “East Bay real estate” together very often. As you are aware, this reality is due to the immense desire for homes in the entire Bay Area. However,  many regional cities and the state of California have programs and grants to try and help first time home buyers, teachers, vets, people with disabilities, and other members of society who make a city work for everyone, able to purchase a home.

State Programs
CalHFA – California Housing Finance Administration

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved lenders to qualify consumers and to make all mortgage loans. The fees you pay could be different depending on the lender and the program.

Note: There is a sales price limit of  $705,000 on all CalHFA programs as of June 2018.

CalHFA for teachers, administrators, school district employees and staff members

This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. School Program junior loans are up to 4% of the purchase price, and can only be combined with an eligible CalHFA first mortgage loan. School Program subordinate loans can only be used for down payment assistance and/or closing costs.

https://www.calhfa.ca.gov/homebuyer/programs/school.htm

Veterans Administration Programs

The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is a 30-year fixed interest rate first mortgage.

https://www.calhfa.ca.gov/homebuyer/programs/va.htm

CalVets

This website offers resources for housing for veterans including home loan information.

https://www.calvet.ca.gov/veteran-services-benefits/housing

Mortgage Credit Certificate (MCC) Program

CalHFA is partnering with local counties to ensure all qualified Californians have access to a Mortgage Credit Certificate (MCC) program. The MCC Tax Credit is a federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.

https://www.calhfa.ca.gov/homebuyer/programs/mcc.htm

County Programs
Alameda County Housing Resources

Alameda Mortgage Credit Certificate program: http://www.acgov.org/cda/hcd/homeownership/mccprogram/index.htm

Contra Costa County Housing Resources

Please visit the links below to find additional resources for housing in Contra Costa County:

First-Time Homebuyer Guide (US Department of Housing and Urban Development)

FAQs for Below Market Rate Homebuyers

Mortgage Credit Certificate Program For Contra Costa County

First Home, Inc – myHomeGateway (Homebuyer Counseling Service)

East Bay Downpayment Assistance Programs (DAP)
Hello Housing – Down Payment Assistance Program Through the City of Alameda

http://www.hellohousing.org/stewardship/cityofalameda/

Oakland Berkeley Association of Realtors(OBAR)  DAP

Click to enlarge

Just launching on October 23rd!

This program, whose initial funding came in through the California Association of Realtors, provides $5000 grants to first time home buyers to cover their closing costs or as help on a downpayment. This program “layers” with other housing assistance programs. For more information, the OBAR Housing Committee is currently developing a page for guidelines and qualifications.

Communities in the East Bay to consider

Believe it or not, there ARE homes less than a million dollars in the East Bay and some home prices are low enough to qualify for some of the state and local programs. The key here is to be diligent and get yourself into the best position possible to be considered by the home seller AND the mortgage companies to help you reach your goal of buying a home in the East Bay. Be aware that some sellers don’t want to wait for the banks to qualify you for a variety of programs when there are people who can show they can buy the home more quickly with cash or a standard mortgage, but some sellers, may not get the offers they were hoping to get and yours just may be the offer they pick.

Here are a few cities to consider using current housing data from Altos Research:

El Cerrito has 1,000 square foot homes for $600,000

Richmond has homes up to 1500 sq feet for under $700,000

Albany has 1200 square foot homes for under $600,000

El Sobrante has 1600 square foot homes for $600,000

San Pablo has 1600 square foot homes for under $600,000

Berkeley Hills Realty believes that to keep our communities healthy, we need to ensure that we are doing what we can to help teachers, firefighters, health care workers and other people who want to be homebuyers purchase in our communities to add diversity and value to our cities. We can lend further advice on available homes in the neighborhoods that fit into your price requirement.