Apply for first-time homebuyers downpayment assistance
If you live or work in Santa Clara County and are buying your first home here, you may qualify for Empower Homebuyers SCC.
Empower Homebuyers SCC is a program of the County of Santa Clara administered by Housing Trust Silicon Valley. Funded by the Measure A Affordable Housing Bond, it provides down payment assistance loans to first-time homebuyers in the County.
The program is aimed at assisting low to moderate income County residents – including employees at nonprofit organizations, teachers, healthcare professionals, County employees and others.
How it works
Empower Homebuyers is a loan for first-time homebuyers to help them with the down payment. The loan can be for up to 17 percent of a home’s purchase price – which means an additional 3 percent from a first-time homebuyer would reach a down payment of 20 percent.
Regardless of the amount borrowed, there are no monthly payments or interest with an Empower Homebuyers loan. The Empower loan plus a share of the appreciation on the home is repaid when the loan matures or you decide to sell or you refinance your mortgage.
You will share your appreciation in equal proportion to the amount you borrowed. For example, if your loan was 17 percent of the purchase price, you will share 17 percent of the appreciation and the rest of the equity that builds up on your home over time is yours. For instance, if you buy a house for $600,000 and use Empower to borrow 17 percent ($102,000) for the down payment, and the home is later sold for $800,000, you would owe $136,000 – $102,000 plus $34,000 (17 percent of the $200,000 appreciation).
Do I qualify for Empower Homebuyers?
You can apply for the program if you meet these requirements:
- You are a first-time homebuyer buying a primary residence in Santa Clara County
- You must owner-occupy the home
- You have pre-approval from an approved lender lined up before submitting your application
- You have completed a HUD-certified eight-hour homebuyer education class through the designated agency
- You can contribute at least three percent of the home’s purchase price
- The gross household income, including all adult household members, must not exceed 120 percent of the Area Median Income. See table below.
| Household size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Income limit | $118,950 | $135,900 | $152,900 | $169,900 | $183,500 | $197,100 | $210,700 | $224,250 |
Maximum annual gross household income limits are established annually by the California Department of Housing and Community Development (HCD)
Ready to apply for Empower Homebuyers?
If you're ready to explore or apply Empower Homebuyers, connect with the Housing Trust Silicon Valley. Get more details from their website, attend upcoming events for first-time homebuyers, or submit an interest form below.