FRESNO CITY D.A.P.
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WHAT IS THE DAP?
HOW TO GET A DAP LOAN

The DAP is a special loan provided by the City of Fresno to help low-income, first-time home buyers with the cash requirements of a home purchase.

Some of the benefits of this special loan include:

  • Up to $4,000 for each qualified borrower.
  • No Monthly Payments.
  • No loan fees.
  • Low interest rate - 3% simple interest.
  • Loan principal and interest are forgiven after 20 years with no further obligation.
  • Loan terms and benefits are assumable to future qualified buyers upon resale.

If you are interested and think you may qualify for a DAP loan, follow these simple steps:

  1. Select a home in the City limits and at a sales price of not more than $117,000.
  2. Contact Northpoint Mortgage to obtain a preliminary loan approval for the purchase of a home.
  3. If you are eligible, Northpoint Mortgage will complete the necessary paperwork to obtain a DAP loan,
  4. Qualified borrowers will be issued DAP loans by the City of Fresno.
HOW DO I QUALIFY?
To be eligible, a borrower must:
  1. Be a first-time home buyer -- not having owned a home in the past three years; and
  2. Meet income guidelines for low-income home buyers, as shown in the table below; and
  3. Be able to qualify for a home purchase mortgage loan prior to the DAP consideration; and
  4. Be able to provide the necessary cash required in addition to the DAP loan -- minimum 3% of purchase price; and
  5. Attend a Home Buyers Counseling Class.

To be eligible, property to be purchased must:

  1. Be located within the City limits, County islands are not eligible for assistance; and
  2. Have a sales price within the DAP mortgage limit, currently a maximum of $117,000; and
  3. Meet minimum housing quality standards; and
  4. Be used as the buyer's principal residence.
INCOME ELIGIBILITY
(Low Income Housing Fund)
A
B
HOUSEHOLD SIZE
(Number of Persons to Reside in Home to be Purchased)		 MAXIMUM ALLOWABLE GROSS MONTHLY INCOME (FOR HOUSEHOLD SIZE LISTED IN COLUMN A)
(I) 0 to 80% of Median Income
1
$1,854
2
$2,117
3
$2,383
4
$2,646
5
$2,858
6
$3,071
7
$3,283
8 and Over
$3,492
Maximum Allowable DAP Loan
*4%--Not to Exceed $4,000
Date of Last Revision: April 6, 2001
*Percentage of total sales price, including closing costs.