12/04/2023

After highlighting the HOP program’s 0% interest Down Payment Assistance (DPA) in LA County, we’re excited to introduce the Empower Homebuyers SCC program, offering similar benefits in Santa Clara County.

Empower Homebuyers SCC: More Than Just a Loan

At its core, the Empower Homebuyers SCC Program is more than just a loan; it’s a commitment to fostering community growth and enabling families to plant roots in the thriving landscape of Santa Clara County. Here’s the program requirements:

1)Assistance amount: The program will provide maximum loan amount of $250,000, up to 30% of the purchase price. This substantial financial backing can be a game-changer in your home buying journey, especially with no cap on the purchase price. The sky is your limit in the thriving real estate landscape of Santa Clara County.

2)First lien requirements: Your senior mortgage loan must be 30-year fixed. This program brings predictability and stability to your financial planning. This foresight ensures that your journey towards homeownership is as secure as it is ambitious.

3)Shared Appreciation: When you utilize the Empower Homebuyers SCC program, your repayment is linked to the equity gained on your home in a proportionate manner, directly corresponding to the percentage of your loan. For example, if your Empower loan accounts for 20% of your home’s original purchase price, your share of the appreciation will also be 20%. The remaining equity growth remains entirely yours. Let’s break this down with a practical scenario: Suppose you purchase a home for $700,000, leveraging the Empower program to cover 20% of this amount, which is $140,000. Later, if you sell this home for $800,000, your repayment would include the initial loan amount of $140,000 plus 20% of the home’s increased value, which in this case is $20,000 (20% of the $100,000 appreciation). Therefore, the total amount repayable would be $160,000.
This appreciation is capped for the initial decade, ensuring that early homeownership years are more financially comfortable. Post the ten-year mark, the appreciation cap is lifted, granting homeowners increased flexibility.

Qualifying for Empower Homebuyers SCC – Simplicity at its Best

1)Eligibility: Open to those living or working in Santa Clara County and first-time buyers purchasing a primary residence within the county.

2)Minimum Down Payment: Start your homeownership journey with just a 3% down payment.

3)Education Requirements: A HUD-certified 8-hour Homebuyer Education class from a designated agency arms applicants with the necessary knowledge, ensuring they’re not just homeowners but also well-educated ones.

4)Income Limits: The combined gross household income, considering all adult members, should remain under 120% of the Area Median Income. This ensures that the program remains accessible to a broad swath of the community.
*Maximum Gross Household Income Limits by Household Size

Household Size	1	2	3	4	5	6	7	8
Income Limit	$152,300	$174,050	$195,800	$217,550	$234,950	$252,350	$269,750	$287,150

 

Your Path to Homeownership in Santa Clara County
The Empower Homebuyers SCC Program is not just a pathway to owning a home; it’s a commitment to nurturing dreams and building vibrant communities. It’s a distinctive opportunity for young professionals, growing families, and anyone aspiring to be part of Santa Clara County’s dynamic future. With its blend of zero-interest loans, substantial financial assistance, and a community-focused approach, this program stands as a testament to Santa Clara County’s dedication to its residents’ well-being and prosperity.

Take the Leap with Empower Homebuyers SCC
Embrace this exceptional opportunity to secure your future in one of California’s most dynamic counties. With Empower Homebuyers SCC, embark on a journey filled with promise and potential. Your dream home in Santa Clara County is not just a possibility—it’s within your grasp. Let’s turn your homeownership dreams into a living, thriving reality. Welcome to your new home in Santa Clara County!

Video: Homebuyers SCC Program-Transform Your Dream into Reality in Santa Clara County

Statement: This article was edited by AAA LENDINGS; some of the footage was taken from the Internet, the position of the site is not represented and may not be reprinted without permission. There are risks in the market and investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, opinions or conclusions contained herein are appropriate to their particular situation. Invest accordingly at your own risk.