Gilroy
– Residents wanting to purchase a first home have a chance to
qualify for a low-interest loan of $50,000 from the city of
Gilroy.
Gilroy – Residents wanting to purchase a first home have a chance to qualify for a low-interest loan of $50,000 from the city of Gilroy.
By attending a May 19 financial training session, first-time homebuyers will receive a certification that the city and other private and public lenders require before doling out home loans. But that’s not all residents will gain from the program, which is sponsored by the city and run by Project Sentinel, a nonprofit housing assistance agency.
“The trainer (from Project Sentinel) goes through the entire process of owning a home, from beginning to end,” explained Housing and Community Development Technician Sandra Nava. “What they want people to do is figure out for themselves if they’re ready to purchase a home. They talk about budgets, how it will affect them to have a home, what their costs will be, how to work with the real estate agents and mortgage brokers and how to protect the investment once they purchase a home.”
The training program is only offered once or twice a year in Gilroy, and the city is encouraging residents to attend the full-day session in order to qualify for the city’s next round of home loans. City officials are proposing to dole out $600,000 in home loans starting July 1, with two-thirds of those funds earmarked for homes constructed after 2006.
In addition to the first-time homebuyer training, the city is offering a May 2 workshop to help residents understand the ins and outs of the city’s loan program. Low-income families of four earning less than $85,000 can qualify for loans of up to $50,000, payable over 15 years at 3 percent interest. Families of four earning “moderate” incomes of less than $127,000 can qualify for up to $30,000, according to Gilroy Housing Planner Regina Brisco. Those income thresholds are from 2006 and vary depending on the size of a family, Brisco pointed out.
Though the May 2 workshop is not required to qualify for a city home loan, Brisco urged residents to attend the session and learn more about the income thresholds and the details of Gilroy’s loan program.
“The workshop provides valuable information on getting your foot in the door to home-ownership in Gilroy,” Brisco said. “The training course is essential for anyone who wishes to purchase a home now or in the future.”
To sign up or learn more about the May 2 or 19 events, contact Nava at 846-0290 or sn***@**********ca.us.
