The
Cypress Redevelopment Agency Home Equity Loan Program
(HELP I) has been developed to provide first time home-buyers
with the financial assistance necessary for home ownership.
This program provides loans up to $25,000 to eligible
first-time home-buyers for help with the down-payment,
including a portion of non-recurring closing costs.
Eligibility Requirements:
- Home must be single-family, attached or detached residences, including town homes and condominiums located within the City of Cypress (mobile homes are not eligible).
- Applicant has not owned a home for the past three years.
- Applicant’s household income must be below 120% of the median income (adjusted for household size) as determined by the U.S. Department of Housing and Urban Development.
- Applicant must occupy the purchased property as the principal residence.
- Applicant must provide a minimum down payment equal to at least 2.5% of the purchase price.
- Applicant cannot have liquid assets in excess of $50,000.
Available Assistance
The Cypress Redevelopment Agency is offering up to $25,000 in the form of a deferred, 30 year loan secured by a subordinated second trust deed. The loan is deferred for the first 5 years at either 0% (conventional 1st mortgage) or at 3% (FHA 1st mortgage) interest rate. At the start of the 6th year, the loan becomes fully amortized at either 5% (conventional 1st mortgage) or at 3% (FHA 1st mortgage) interest rate for the remaining 25 years.
Immediate repayment is due upon sale, transfer of title, or certain refinances. An Equity Share Provision is in effect for the first ten years of the loan term.
Houshold Income| Income | 1 Person HH* | 2 Person HH | 3 Person HH | 4 Person HH | 5 Person HH | 6 Person HH | 7 Person HH | 8 Person HH |
| Maixmum | $72,300 | $82,650 | $92,950 | $103,300 | $111,550 | $119,850 | $128,100 | $136,350 |
To
Get Started...
Fill out an online Preliminary Home
Equity Loan Application
Or...
Contact the Cypress Redevelopment Agency to receive a Preliminary Application Form at (714) 229-6720.