Pending the State of California adopting a budget, the First Time Home Buyer Program is on HOLD and the RDA will not be accepting applications at this time.
 The City of Temecula Redevelopment Agency (RDA) is offering a First Time Home Buyer Down Payment Assistance Program (FTHB). The primary objective of the First Time Home Buyer Program is to provide housing inventory on a continuing basis which will be available for purchase by first time home buyers of low and moderate income. The Program is available to anyone who has not owned a home in the last three (3) years and has an annual income that is no greater than 120% of the area median income as published by the U.S. Department of Housing and Urban Development (HUD).
This Program provides down payment assistance as a second loan to qualified first time home buyers. The buyers must provide a minimum of three percent (3%) of the purchase price from their own funds and must accept the highest loan-to-value ratio first loan for which they qualify. The RDA will provide a second loan of up to twenty percent (20%) of the purchase price (maximum $65,000) (the “RDA Assistance”). The first loan must be a fully amortized, fixed rate, thirty year mortgage and the RDA Assistance will be in the form of a loan, repayment of which will be secured by a deed of trust recorded in second position to the first mortgage.
The RDA Assistance is a thirty (30)-year second mortgage loan at a maximum five percent (5%) interest. The loan is deferred for the first five (5) years, then fully amortized in years 6-30. If the borrower transfers title, ceases to occupy the property as his or her principal residence, refinances with cash taken out or otherwise defaults under the loan, the loan becomes due and payable.
APPROVED LENDERS
The Mortgage House, Inc.
28120 Jefferson Avenue, Ste. 201
Temecula, CA 92590
(800) 305-9731
Contact: Scott Davis
Contact: Karen Davis
Broadview Mortgage
43620 Ridge Park Drive, Ste. 220
Temecula, CA 92590
(951) 676-2727
Contact: Vicki Herrick
43460 Ridge Park Drive, Ste. 200
Temecula, CA 92590
(951) 757-9431
Contact: Nadine Valle
Paramount Residential Mortgage Group, Inc.
One Better World Circle, Ste. 100
Temecula, CA 92590
(909) 957-9024
Contact: Albert B. Sosa
Bank of America
43385 Business Park Drive, Ste 210
Temecula, CA 92590
(951) 506-8765
Contact: Javier Sancarranco
Vintage Mortgage Group
43513 Business Park Drive
Temecula, CA 92590
(951) 695-1371
Contact: Steve Gronlund
South Pacific Financial Corporation
32605 Temecula Parkway
Temecula, CA 92592
(909) 476-4182
Contact: Pam Thompson
Contact: Robert Pickham
W.J. Bradley Mortgage Capital Corp
43620 Ridge Park Drive, Ste. 210
Temecula, CA 92590
(951) 795-4018
Contact: Donnie Thomason
32605 Temecula Parkway, Suite 312 & 313
Temecula, CA 92592
(951) 795-4012
Contact: Brandon Roberts
Guild Mortgage Company
27290 Madison Avenue, Suite 104
Temecula, CA 92590
(951) 765-1718
Contact: Darrell Giannone
Contact: Terry Duke
First Time Home Buyers Program Manual (pdf)
(includes general eligibility requirements, loan requirements, processing procedures, and other helpful instructions)
Program Participation Application for Lenders (pdf)
Lender Participation Agreement (pdf)
Housing Authority of the County of Riverside: Housing Allowances for Tenant Furnished Utilities and Other Services (pdf)
For more information please contact Dana Weaver at Dana.Weaver@cityoftemecula.org or 951-693-3928
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