First Time Buyer

1. What is FTHB program?
The County of San Luis Obispo First Time
Home Buyer (FTHB) program provides deferred
second loans to assist qualified lowincome
homebuyers with purchase, down
payment, and closing costs.
2. Which type of properties are eligible?
The FTHB second loan is used to purchase
single family houses, condos, townhomes,
and manufactured homes that are permanently
fixed to a permanent foundation.
3. Where can I purchase my home using
FTHB loans?
Using First Time Homebuyer program
loans, you can properties located within the
County of San Luis Obispo except for the
cities of Pismo Beach and Morro Bay.
4. What is the maximum loan amount?
Maximum loan amount is $55,000 while the
homebuyer must contribute at least 30% of
gross income towards monthly housing
976 Osos Street, Room 300
San Luis Obispo, CA, 93408
Phone: 805-781-4974
The County of San Luis Obispo
First Time
Home Ownership:
Within Your Reach
Brought to you by
the County of San Luis Obispo

• Your household gross income is less
than or equal to 80% of the County’s
median annual income.
• You have not owned a principal residence
for the past 3 years.
• You qualify for a first loan.
Loan Terms
• Interest Rate: 3% simple non compounding
fixed interest rate
• Homeowner Contribution: 3% down (if
an FHA loan, 3.5% down )
• Loan Term: 50-year note
• Payment Type: Start payment after 20
years or when the house is sold, transferred,
or refinanced.
Income Chart
Homebuyers’ annual income shall not be
more than 80% of the area median income,
as determined by HUD, adjusted for family
size. In addition, assets shall not exceed these
income limits.
Maximum Annual Household Income
Adjusted for Family Size
Effective May 31, 2011
Household Size Maximum Annual
1 $41,650
2 $47,600
3 $53,550
4 $59,500
5 $64,300
6 $69,050
7 $73,800
8 $78,550
Application Process

1. Application fee is a non-refundable $150
payable to the Housing Authority of San
Luis Obispo.

2. Contact an approved lender to determine

3. Once you are pre-qualified, locate a
house to purchase.

4. Once your purchase offer is accepted and
escrow begins, your lender will assist you
to complete the application forms for the
FTHB loan program.

5. During escrow your lender will process
your loan application for the first loan
and FTHB second loan.

6. We will process your application within
45 days to close escrow.

7. When escrow closes, you will become a
homeowner and will be responsible for
monthly payments on your first loan.

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