The City of Clearlake is offering assistance for the purchase of a single-family home in the City of Clearlake. The First Time Home Buyer Program provides loans to qualified applicants. Federal money for this program is received in the form of a grant awarded to the City of Clearlake. awarded by the Department of Housing and Community Development and is administered by the City of Clearlake. The maximum loan amount is $40,000.
This program has the advantage providing a 3% simple interest rate, completely deferred for the life of the primary loan and can cover non-recurring closing costs. The borrower must make a down payment of at least 3% from either borrower funds or gift funds. A Home Ownership class is required.
The home must pass an Inspection for Health and Safety Standards and local codes.