First-Time Homebuyer
The City of Hollister offers a First Time Homebuyer Program to help low-income households purchase their first home.
This program is currently halted, while the State guidelines are reviewed and amended. Please check back on our website for updated information and application procedures.
Eligibility
Anyone who has not owned or held ownership interest in a home or other real estate within the last three years; and households whose annual projected gross income does not exceed the income limits based on size is eligible. The program is funded through the State Housing Community Development HOME Program. View the current income limits (PDF) for the HOME Program. Homebuyers must be able to provide at least 1% of the sales price toward the purchase of the home and successfully complete a HUD-approved homebuyer education class.
Home Requirements
- Must be located within the City limits
- Cannot exceed the maximum allowable sales price for the area
- Must be on a permanent foundation
- Must be vacant for a minimum of three months or be owner-occupied prior to the offer to purchase
- Just be able to pass a housing and lead-based paint inspection.
Loan Terms
Repayment of the loans is deferred for 30 years at 2% simple interest and must be repaid upon the first of the following occurrences: Home is sold or transferred
- Borrower ceases to occupy the home as their principal place of residence
- First mortgage loan becomes due and payable
- Home is refinanced with cash out
- 30 years from the loan date
The amount of assistance is based on the lesser of the following:
- Program funding subsidy limits
- Affordability gap
Application Process
The process will be reviewed by the Department of Housing and Community Development (HCD) and updated guidelines will be available soon.
Resources
The resources will be reviewed by HCD, and updated guidelines will be available soon.
2023 Home Brochure
2023 Home Brochure Spanish
First-Time Home Buyer Application
