If you are looking for your dream Pleasanton homes for sale but your credit problems are holding you back from doing it, here's great news. The U.S. Government has recently released over 140 million dollars in Housing Grants in US. They are also relaxing the credit requirements to make it easier for people with low credit ratings to get low interest home loans.

In 2004, the City received an allocation of HELP (Housing Enabled by Local Partnership) funds from the California Housing Finance Agency (CalHFA) to introduce a new Down Payment Assistance (DPA) program to low and moderate income buyers of homes in Pleasanton using matching City funds.

The program currently provides up to $20,000 in down payment assistance for low- and moderate-income buyers. Assistance is in the form of a low-interest (3.5%) loan that is amortized over 20 years. Buyers are responsible for obtaining a first mortgage with a CalHFA-approved lender at a fixed interest rate with no negative amortization, balloon payment or adjustable rate features.

The city’s Down Payment Assistance Program is a second mortgage loan program for income-eligible homebuyers who desire to live in the city. The program is administered through the City’s Housing Division which works to housing opportunities maintain and expand for low and moderate income households throughout the City. Purchasing Pleasanton homes for sale is a wonderful choice community that cares about maintaining the character of its neighborhoods and enhancing the quality of life of its citizens.

The Program provides 3.5% simple interest, amortized or partially deferred loans to low and moderate income applicants earning no more than the income limits. At the present time, the typical loan provided through the program is a $20,000 loan with a 20 year term. At 3.5% interest, the monthly payment for this loan would be approximately $116.

The program is available to 1) first-time home buyers and 2) buyers who have owned a home with resale restrictions through the Pleasanton Homeownership Assistance Program (PHAP). In the event of a competing interest for funding, a priority will be given to first-time homebuyers.

First-time homebuyer is defined as a household where not more than one household member has held an interest in residential property provided no member of the household has been the sole owner of residential property. For a single head of household, the homebuyer must not have been a sole owner of residential property.

Homes purchased through the program must be existing single family residences located within the current city limits of the City of Pleasanton. Homes purchased in other cities or in the unincorporated areas within or surrounding the city do not qualify for the program.

In addition, to be eligible for the program you must have sufficient credit worthiness to qualify for a first mortgage with a lender. First mortgages must be fixed rate loans with no negative amortization, balloon payments or adjustable rate features. In the event of competing interesting for funding, applicants who currently live and/or work in shall be given priority over other Pleasanton applicants.