Brief: Special financing tools are provided either by an employer or public agency to Home-Buyers preparing for their first home purchase.

Description: Using special loan terms, reduced mortgage rates, mortgage subsidies, down payment subsidies, or equity appreciation sharing, agencies or employers can assist first time homebuyers who are interested in purchasing a home for long-term habitation.

Downtown First Time Home-Buyer Program, San Diego, CA
Administered by Center City Development Corporation, San Diego’s Redevelopment Agency, qualified buyers can obtain a maximum $75,000, 30-year, zero-interest loan, with no payments for the first five years. The Program is intended for the purchase of downtown homes with prices up to the mid-$200,000s. In this program, the lending agency (CCDC) shares in property appreciation as % of loan amount.

Teacher Home-Buyer Program, San Jose, CA
The program offers San Jose teachers a deferred-payment loan of $40,000 or $65,000, depending on household income, for the purchase of a first home. In exchange for the favorable loan terms, affordability restrictions are placed on the property. Under these restrictions, the home must be sold under an equity sharing agreement with the city, or the property must be sold to another “income-qualified” party.

For further information, visit:

CAL HFA, California Housing Finance Agency, State of CA
The agency provides two signature financing products for state employees. The first is the reduced interest rate CalHFA loan: “A below market interest rate CalHFA first loan, together with a forgivable interest CalHFA junior loan to assist eligible teachers, administrators, staff members and classified employees to purchase their first home.”

For further information, visit:

The second product is the “High Cost Area Home Purchase Assistance Program (HiCAP)”
A program designed to assist first-time Home-Buyers in the highest housing cost areas of the state.