The federal tax credit ended on April 30th. The California state tax credit incentive has stopped accepting applications since Aug. 15th. So what else is there to boost home ownership?

In the beautiful city of Fremont, homebuyers continue to get incentives by way of the city’s First Time Homebuyer Programs. There are three specific programs available:

1. Welcome Home Program (Loan Program). This is a down payment assistance of up to $40,000 to purchase a home anywhere in Fremont.

2. Welcome to the Neighborhood Program (Loan Program). This is another down payment assistance of up to $40,000 to purchase a home in a Redevelopment Project Area (Centerville, Irvington, Niles). Up to $10,000 can be forgiven for eligible repairs and improvement if done within the first 7 years of purchase.

3. Moderate Income Home Ownership Program (Lottery Program). There is no financial assistance extended, but the homebuyer will be able to purchase a home at below market price.

Eligibility requirements include:

- Must live, work or previously lived in Fremont.

- Must be pre-qualified by a lender (good credit required)

- Must complete a two-hour workshop for first time homebuyers.

- Must not have owned a home within the last three years.

- Must meet income guidelines. For example, for a family of 3, their annual household income may not exceed $97,550 to be eligible for the Loan Programs, while the maximum is $89,450 for the Lottery Program. To view the complete income guidelines, follow this link: http://www.fremont.gov/index.aspx?nid=442

The Loan programs do not require repayment for 45 years, and if you do sell your home during this period, the City will just get 20% of the equity gained from such purchase.

When you’re ready to purchase a home in Fremont, call a knowledgeable Realtor® to determine if you can avail of these benefits under the City’s First Time Homebuyer Programs. You’ll never know unless you give it a try!