Menlo Park, CA Has A Purchase Assistance Loan Program

by cindy ~ August 20th, 2009 ~ Menlo Park, Miscellaneous, Real Estate in General Comments (67)
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Wow!!  Menlo Park, CA is now offering a home Purchase Assistance Loan Program (aka PAL program).  This program is now being offered by the Menlo Park City Government ONLY for first time home buyers with middle-income qualification as an affordable second home mortgage program.  Here’s the rules:

1.  MUST be a first time home buyer (has not owned a home in the last 3 years), for a property within the incorporated City of Menlo Park, CA

2.  MUST meet middle-income requirements (see link below for chart)

3.  MUST have lived in Menlo Park and/or worked in Menlo Park for at least a year

4.  Can get a loan of 20% of the selling price of the home or $75,000.00 – which ever is lower

5.  The maximum loan term is 35 years at 0% loan interest with no payments for the first 5 years and a fixed loan interest rate of 5% thereafter = yay!  Great terms!

6. The loans are for purchasing condo’s, townhouses, single family homes, and attached or detached units (duplexes) in Menlo Park only.

7.  There are no maximum restrictions on what the selling price is.

8.  The PAL loans can be used along with other loans from the FHA, CALFHA and the County of San Mateo’s Mortgage Credit Certificate Program (MCC).

For a complete description, points of contact and many more details of the PAL program, please see http://www.menlopark.org/departments/hsg/pal.htm.