Fresno Housing offers mortgage help for buying a home in Heritage Estates. To qualify, you must be a first-time homebuyer with a household income at or below 80% of Fresno County’s average household income.
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Mortgage Assistance Program Eligibility Requirements:
To apply, please meet these requirements:
- First-time homebuyer: You haven’t owned a home in the last 3 years.
- County of Fresno resident: Homebuyers must have lived or worked in the County of Fresno for at least the past six months.
- Live in your new home: You must use the home as your primary residence.
- New to the mortgage assistance program: If you’ve received assistance before, this program may not apply.
- Complete a HUD approved Homeownership Education Program: This includes classes to guide you on buying and keeping a home.
- 3% cash contribution: You need to put in 3% of the home’s purchase price
- Income Limits: Your household income must be no more than 80% of the Fresno Area Median Income (AMI)
Debt to Income (DTI) Ratios
DTI Ratios show how much of your income goes toward debt. For this program:
Your monthly housing costs can’t be more than 35% of your gross (pre-tax) monthly income.
And your total monthly debts (housing, loans, credit cards) can’t exceed 43% of your gross monthly income.
Prequalification for First Mortgage
To apply for mortgage assistance, you’ll need a prequalification letter for a mortgage of at least $100,000 (based on the amount below in the Estimated First Mortgage column) from a participating lender.
Mortgage Estimates by Income Level
Below are estimated mortgage amounts and monthly payments for different income levels
| AMI Level | Estimated First Mortgage – must pre-qualify for this amount | Estimated Monthly Payment (including taxes & insurance) | Forgivable Loan Assistance | Estimated Home Value |
|---|---|---|---|---|
| 50% | $100,000 - $130,000 | $930 - $1,180 | ~$255,000 | Mid-High $300’s |
| 60% | $135,000 - $165,000 | $1,240 - $1,545 | ~$212,000 | Mid-High $300’s |
| 80% | $210,000 - $260,000 | $1,865 - $2,250 | ~$130,000 | Mid-High $300’s |
| Market Rate | $370,000 - $390,000 | $3,025 - $3,185 | N/A | Mid-High $300’s |
2024 Income Limits for Fresno County
| Family or Household Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| 50% Income Limits ($) | N/A | N/A | $39,600 | $43,950 | $47,500 | $51,000 | $54,500 | $58,050 |
| 60% Income Limits ($) | N/A | $42,240 | $47,520 | $52,740 | $57,000 | $61,200 | $65,400 | $69,660 |
| 80% Income Limits ($) | $49,250 | $56,250 | $63,300 | $70,300 | $75,950 | $81,550 | $87,200 | $92,800 |
Prospective Homebuyer Checklist
Below is a simple guide to help you prepare as a first-time homebuyer – this is not a full list. Sign up for homeownership classes or contact your lender for a more complete list.
1. Check your credit score and report (Credit score should be above 640 for most lenders)
2. Talk to lenders about a Loan Pre-Qualification. The lenders below understand the requirements for Heritage Estates, but you can work with any lender of your choice:
Guild Mortgage
Patty Grissom, Senior Loan Officer
7493 N Ingram Ave #101
Fresno, CA 93711
M: 559-307-7611
Email: [email protected]
Self-Help Credit Union
Sarah Cervantes, Director of Mortgage Origination – CA
5261 E Kings Canyon Road Ste 105
Fresno, CA 93727
O: 559.476.2380 ext. 7081
Email: [email protected]
Tri Counties Bank
Alfredo Fletcher, Home Mortgage Community Specialist
Hablo Espanol
4300 Coffee Rd Suite A6
Bakersfield, CA 93308
Office 661.371.2030 | Fax 661.793.7191 | Cell 760.331.3406
Customer Service 1 800 922 8742 ext 87930
www.tricountiesbank.com | [email protected]
Advisory Home Loans
Bob Flemming, Manager/Senior Loan Officer
2560 W. Shaw Lane # 105
Fresno, CA 93711
(559) 907-7215 / (775) 412-1200
[email protected]
3. Sign up for a HUD-approved homeownership counseling program and/or Credit Counseling
Community Housing Council of Fresno
2560 W Shaw Lane #101
Fresno, CA 93711
Phone: (559) 221-6919
Website: https://www.chcfresno.org/
Project Sentinel (online only)
Phone: (800) 339-6043
Website: https://www.housing.org/first-time-homebuyer-education
Self-Help Enterprises (online only)
https://www.ehomeamerica.org/homebuyers#homebuyereducation
Select “Self-Help Enterprises” as the local agency
4. Gather important documents. Be prepared to provide:
- Pay stubs
- Tax returns
- Bank statements
- Photo IDs
- Additional documents may be required depending on your situation.
5. Explore Assistance Programs
- Check eligibility for programs that may offer financial help or other benefits for first-time homebuyers.