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Create A Loan Home Rehabilitation Program

Effective January 11, 2012, acceptance of applications for Agency loans under the Create a Loan Home Rehabilitaiton Program is suspended.  New applications will not be accepted until further notice.

The Create a Loan Program is designed to provide financing for home improvements to low-income homeowners in the City and County of Sacramento. The program is available for owner-occupied single family homes.

Program Features

  • $50,000 maximum loan
  • 4% simple interest, fixed rate
  • fully amortized loan, loan terms from 15 – 30 years based on loan amount
  • loan is due upon sale or transfer of property
  • deferred payment option is available to:
  • Senior Citizens (62 years or older);
  • non-seniors with an existing housing expense that is at least 35% of their income, or who will have an after-rehab housing expense that is at least 40% of their income
  • deferred payment loans have a loan term of 20 years
  • funds may be used to finance real property improvements that substantially protect or improve the basic livability or utility of the property
  • smaller loans ($10,000 or less) available for single or dual repairs such as painting, or a new roof

Eligible Applicants

Owner occupants of single family homes in the City and County of Sacramento who:
  • meet Agency underwriting guidelines
  • are defined as low-income – households with income less than or equal to eighty percent (80%) of the area median income adjusted for household size. Current income limits are:

    1-person $40,950
    2-person $46,800
    3-person $52,650
    4-person $58,500
    5-person $63,200
    6-person $67,900

Eligible Properties

Single family homes in the City and County of Sacramento.  The funding source used will determine if there is an after-rehabilitation value cap.  This program is not available in Citrus Heights, Rancho Cordova and Elk Grove.

Application Procedure

A written loan application must be submitted to our office to start the application procedure. For additional information or for an application, please call (916) 440-1393.
 
 

CalHome Owner-Occupied Rehabilitation Loan Program

Effective January 11, 2012, acceptance of applications for Agency loans under the CalHome Owner-Occupied Rehabilitaiton Loan Program is suspended.  New applications will not be accepted until further notice.

The CalHome Owner-Occupied Rehabilitation Loan is a program designed to provide financing for home improvements to low-income homeowners in eligible areas of the City of Sacramento and the unincorporated County of Sacramento.

Program Features

  • deferred payment loan secured by a deed of trust
  • $10,000 minimum loan
  • maximum loan amount - $36,000 on single family dwellings
  • $25,000 on manufactured (or mobile) homes
  • 3% simple interest – principal and interest are deferred for the term of the loan.
  • 20 year loan term – single family dwellings
  • 20 year loan term – manufactured (or mobile) homes
  • loan is due upon sale or transfer of property, when the property ceases to be owner-occupied, or upon the CalHome Program loan maturity date
  • loan is not assumable; refinancing may be allowed subject to Agency subordination policy
  • funds may be used to finance real property improvements that substantially protect or improve the basic livability or utility of the property
  • improvements must meet local housing quality standards, code requirements and Agency Rehabilitation Standards.
  • no financing, junior or senior to the CalHome loan may have a balloon payment due before the maturity date of the CalHome loan

Eligible Applicants

Owner occupants of single family homes or manufactured housing in the City of Sacramento or the unincorporated County of Sacramento who:
  • meet CalHome underwriting guidelines for credit
  • are defined as low-income – households with income less than or equal to eighty percent (80%) of the area median income adjusted for household size. Current income limits are:
1-person
$40,950
2-person                    
$46,800
3-person                    
$52,650
4-person                    
$58,500
5-person                    
$63,200
6-person                    
$67,900
 

Eligible Properties

Single family homes or manufactured homes in eligible areas of the City of Sacramento and the unincorporated County of Sacramento whose after-rehabilitation value does not exceed the current HUD 203(b) mortgage limit for the area which is currently $580,000.

Eligible Areas

The redevelopment areas of North Sacramento, Oak Park, Del Paso Heights, Alkali Flat, Army Depot, Franklin Blvd., Stockton Blvd, Florin Road, 65th Street, Mather, McClellan and Walnut Grove.
The following qualified census tracts: 0005.00, 0006.00, 0007.00, 0010.00, 0011.00, 0012.00, 0014.00, 0018.00, 0020.00, 0022.00, 0027.00, 0028.00, 0032.01, 0036.00, 0037.00, 0041.00, 0042.02, 0042.03, 0043.00, 0044.01, 0044.02, 0046.01, 0046.02, 0048.01, 0049.03, 0049.05, 0050.02, 0051.03, 0052.01, 0053.00, 0055.02, 0062.02, 0063.00, 0064.00, 0065.00, 0066.00, 0067.02, 0068.00, 0069.00, 0070.01, 0074.04, 0074.10, 0088.00, 0091.10
The program is not available in Citrus Heights, Elk Grove, Galt, Folsom, Rancho Cordova or Isleton.

Application Procedure

A written loan application must be submitted to our office to start the application procedure. For additional information or for an application, please call (916) 440-1393.