*OUR PROGRAM IS CURRENTLY UNAVAILABLE. PLEASE CHECK BACK AT A LATER TIME FOR ANY UPDATES.
Thank you for your interest in our Down Payment Assistance Program. The City of Riverside was awarded a CalHOME Grant from the State of California Department of Housing & Community Development.
This grant provides first-time homebuyers with purchasing assistance up to $50,000 in the form of an interest-free, deferred loan.
Please contact a lender from our approved Lender List below in the Program Documents box to get started.
Combined household income cannot exceed 80% of the Area Median Income (AMI) for Riverside County.
Please review the income chart below to determine your eligibility:
|Program Income Limit
- The home may be a single-family residence, condo, townhome or manufactured home that meets
Fannie Mae conventional guidelines and is considered real property.
- The home must be free from any substantial health, safety or code issues and/or lead-based
- The home must be located within City of Riverside limits.
- The home purchased must be your primary place of residence.
In order to qualify for the DPA Program, the following must be met:
- Your combined household income cannot exceed 80% of the area median income for Riverside County
- You must be able to contribute 1% of the purchase price from your own liquid assets toward down payment
- Your credit score must be consistent with FHA requirements
- You cannot have owned a home in the last three years.
CalHome funded down payment assistance loans are now interest free! The loans require no monthly payments. Repayment is deferred for 30 years, unless the borrower sells,
transfers, refinances or converts the home to a rental property.
Maximum Down Payment Assistance
The maximum amount of assistance cannot exceed $50,000
or 25% of the sales price, whichever is less.
- Select a lender from the participating Approved Lenders List.
The lender will pre-qualify you and submit a package to the City for pre-approval (see attached application).
- Attend a HUD-approved homebuyer education class provided by Fair Housing Council of
Riverside County (951-682-6581) or Neighborhood Housing Services of the Inland Empire, Inc.
(909-884-6891). See our Homeownership Education webpage.
- Find a home to purchase that meets program and pre-approval requirements after you have
been prequalified by the City of Riverside for DPA.
Funds are limited and are available on a first-come, first-served basis.