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Housing - Homebuyer Program

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1. What are the current income limits?
2. What is the definition of a First-Time Homebuyer?
3. What is the current allowed Maximum Purchase Price for the Shasta Lake Homebuyer Program?
4. Must the home purchased be located in the City Limits of Shasta Lake?
5. How much can I borrow?
6. Do I have to contribute funds towards the transaction?
7. What are the terms of the loan and interest rate?
8. Is owner occupancy required?
9. What happens if I need to sell my home during the term of the loan?
10. What are affordability covenants and how do they affect my home purchase?
11. I have heard the terms “housing ratio” and “debt-to-income” ratio. What do they mean?
12. If I participated in a short sale for my previous owned home, do I still qualify?

City of Shasta Lake • 4477 Main Street • Shasta Lake, CA 96019 • Phone: 530-275-7400 • Fax: 530-275-7414 "Equal Opportunity Provider, and Employer"
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