Fresno Housing is offering a unique, affordable homeownership opportunity in Southwest Fresno.
For the affordable homeownership opportunity at Heritage Estates, applicants must be first-time homebuyers and have a total annual household income no greater than 80% of the median income to qualify for mortgage assistance.
All applicants must be able to obtain private mortgage financing and meet all other program eligibility requirements.
For the affordable homeownership opportunity at Heritage Estates, applicants must be first-time homebuyers and have a total annual household income no greater than 80% of the median income to qualify for mortgage assistance.
All applicants must be able to obtain private mortgage financing and meet all other program eligibility requirements.
Table of Contents
Mortgage Assistance Program Eligibility Requirements:
- First-time homebuyer (not owned prior 3 years)
- Owner must live in the home
- Cannot be prior recipient of mortgage assistance
- Successful completion of the Homeownership Education and Counseling Program
- 3% cash contribution towards purchase price
- Household income must be 80% or less of the Fresno Area Median to qualify for mortgage assistance
- Must meet the following DTI (debt-to-income) ratios to qualify for mortgage assistance:
- Front-End ratio cannot exceed 35%
- Monthly housing cost (including first mortgage principal & interest, taxes, and insurance) may not
exceed 35% of the applicants’ gross monthly income.
- Monthly housing cost (including first mortgage principal & interest, taxes, and insurance) may not
- Back-End ratio cannot exceed 43%
- Total monthly long-term debt obligations (e.g. includes monthly housing cost plus car loan
payments, credit card payments, student loan payments, personal loan payments and child
support) may not exceed 43% of the applicant’s gross monthly income.
- Total monthly long-term debt obligations (e.g. includes monthly housing cost plus car loan
- Front-End ratio cannot exceed 35%
- Must be able to obtain a prequalification letter for a first mortgage of a minimum of $100,000 through a participating lender that meets the above requirements.
- First mortgage loan amount must be for the maximum amount the buyer qualifies for not to exceed
the Front-End (35%) & Back-End (43%) ratios mentioned above.
- First mortgage loan amount must be for the maximum amount the buyer qualifies for not to exceed
Mortgage Estimates by Income Level
| AMI LEVEL | 50% |
| Estimated First Mortgage | $100,000 - $125,000 |
| Estimated Monthly Payment w/ Tax & Insurance | $1,275 - $1,445 |
| Forgivable/Deferred CalHOME/PLHA/FHS | ~$260,000 |
| Estimated Appraised Value | Mid - High $300's |
| AMI LEVEL | 60% |
| Estimated First Mortgage | $135,000 - $165,000 |
| Estimated Monthly Payment w/ Tax & Insurance | $1,510 - $1,715 |
| Forgivable/Deferred CalHOME/PLHA/FHS | ~$220,000 |
| Estimated Appraised Value | Mid - High $300's |
| AMI LEVEL | 80% |
| Estimated First Mortgage | $210,000 - $255,000 |
| Estimated Monthly Payment w/ Tax & Insurance | $2,020 - $2,325 |
| Forgivable/Deferred CalHOME/PLHA/FHS | ~$140,000 |
| Estimated Appraised Value | Mid - High $300's |
| AMI LEVEL | Market |
| Estimated First Mortgage | $370,000 - $390,000 |
| Estimated Monthly Payment w/ Tax & Insurance | $2,980 - $3,110 |
| Forgivable/Deferred CalHOME/PLHA/FHS | $0 |
| Estimated Appraised Value | Mid - High $300's |
2024 Income Limits for Fresno County
| Persons in Family | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| 50% Income Limits ($) | $30,800 | $35,200 | $39,600 | $43,950 | $47,500 | $51,000 | $54,500 | $58,050 |
| 60% Income Limits ($) | $36,960 | $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 |