First Time Home Buyer Program

The First Time Homebuyer Program (FTHB) is designed to provide qualified families with up to $65,000 for down payment assistance to secure financing towards the purchase of an existing or newly constructed home.

Eligibility Criteria

• Property—Must be in the incorporated City of Perris limits
• Borrower—A first-time home buyer or any person who has not owned a home in the last 3 years
• Minimum Down Payment—1% of the purchase price
• Must meet HOME Income limits (Riverside County Area)

Requirements

• Must apply with a City of Perris approved lender
• FTHB may be used with conventional, Veterans, Fixed-Rate loan, and with FHA/FNMA/FHLMC with 30 or 40 year terms
• No variable/adjustable rates, or balloon payments
• Attend an 8-hour Home buyer Education class (HUD approved)
• The new home must be used as the borrower's Primary Residence
  

• FTHB City Approved Participating Lenders List

Homebuyer Education

For more information and to register for a HUD-approved homebuyer education workshop, see this flyer...

First Time Homebuyer Staff

Here are the contacts at the City of Perris who can assist you:

• Rebecca Miranda, Project Manager
  Phone: (951) 435-7220 ext. 496
• Kisa Puckett, Program Coordinator
  Phone: (951) 435-7220 ext. 255
• Richard Rivera, Housing Inspector
  Phone: (951) 435-7220 ext. 361

 

Owner-Occupied Rehabilitation Loan Program (OORP)

Program Details

The Owner Occupied Rehabilitation Loan program (OORP) provides qualified homeowners a deferred loan of up to $50,000 with a 2% simple interest rate.  Repayment of the loan is due at the time of title change, resale, refinance with cash out, or non-compliance with program requirements.  This program is not a conventional equity loan or equity line of credit, and funding must be used to correct code violations or deferred maintenance.

Property Eligibility

• Must have home Insurance
• Must be current on property taxes
• Must be a single-family detached home
• Cannot be within a special hazard flood zone
• Must be free of any liens or judgments
• Must meet Riverside County maximum gross income limits

Examples of Project Eligibility

• Basic structural repairs: exterior walls, roof, and roof structure
• Building systems: electrical, plumbing, and heating
• Weatherization: insulation, windows, and siding
• Handicap accessibility: exterior ramp and bathroom facilities
• Code Violations: correct existing code violations and improve general conditions of the homes 

To be pre-qualified for the Owner-Occupied Rehabilitation Program, please submit a OORP Pre-Qualification Form.

• Download the OORP flyer

Please note that the Pre-Qualification Form is only to determine if you are eligible to proceed with the program application process. You will be notified by the Program Coordinator if you are eligible to proceed. Program qualification and funding is not guaranteed until the completed application has been reviewed, subject to a property inspection, and City approval.

• Download the OORP Pre-Qualification form

For program information and other requirements, please contact the City of Perris Housing Authority at 951-435-7220.

Neighborhood Stabilization Program (NSP)

The U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program (NSP) provides targeted emergency assistance to states and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. This program is authorized under Title III of the Housing and Economic Recovery Act of 2008.

This program is implemented by the Perris Housing Authority.

Loan Payoff and Subordination Requests

Payoff Information for Lenders

To request a payoff of an existing HAP or First Time Homebuyer loan, please provide the following documents:

1. Payoff request on letterhead
2. Preliminary report dated within 30 days
3. Recent appraisal
4. Escrow certified settlement statement with processing fee payable to the "City of Perris" (see Housing Authority Fee Schedule). An escrow certified settlement statement is required once the payoff calculation is received from the Housing Authority and prior to payoff demand being released.  Settlement statement should include payoff amount AND related processing fees payable to the “City of Perris” as two separate line items referenced as follows:
   
   City of Perris Housing Authority Payoff
   City of Perris Resubmittal OR Payoff Processing Fee
   
   A final settlement statement at close of escrow will also be required once payoff demand has been provided. Processing fees may be paid at closing.  A “certified” settlement statement referencing related fees is required PRIOR to the City releasing a payoff demand or executed subordination agreement.

Mail or hand-deliver all documents to:
City of Perris Housing Authority
24 South D. Street
Suite 102
Perris, CA 92570

Faxed or emailed documents are NOT accepted.

The process takes 7-14 business days to complete—excluding Fridays and holidays.  Please be advised that we do not offer expedited services and require that the lender or escrow submit requests at least 30 days prior to closing.

Subordination Information for Lenders

For refinance and other transactions that do not include the removal of equity, cash-out, or change of property ownership, please download the Subordination package below. 

• HAP Subordination Policy and Agreement Request Package (2016)

The process takes 7-10 business days to complete—excluding Fridays and holidays. Please be advised that we do not offer expedited services and require that the lender or escrow submit requests at least 30 days prior to closing. Faxed or emailed documents are NOT accepted.

See our Housing Authority Fee Schedule below for related processing fees. Processessing fees may be paid at close of escrow. Fees must be referenced on settlement statement prior to close.

Lender/Escrow: Please be advised that incomplete files will be returned unprocessed and are subject to additional fees upon resubmittal.  Missing information and/or missing documents constitute an incomplete file and will be returned unprocessed.  Please be sure to submit a “complete” package to avoid resubmittal processing fees. .

Housing Authority Fee Schedule

Payoff Demand Requests — $850
Subordination Requests — $650
Resubmittals — $400

(Perris Housing Authority, approved September 27, 2016)

Capital Improvement Credit Request

To qualify as an eligible Capital Improvement Credit, each expenditure must be approved in advance by the City of Perris Housing Authority, PRIOR to installation of improvement. The maximum Capital Improvement Credits shall not exceed 150% of the value of the HAP loan. The City will review the proposal and approve eligible Capital Improvements within seven (7) days. The homeowner will be notified in writing of eligibility for credit.

• Capital Improvement Request Form - FTHB
• Capital Improvement Request Form - HAP