First Time Home Buyer Program

The Town of Paradise offers a deferred, low-interest loan to eligible first-time homebuyers based on Federal 2023 Income Limits as down payment assistance to purchase a home.  A first-time homebuyer is someone who has not owned a home in the past three years.  The loan is a “gap” loan meaning that the loan amount is based on the difference between what the borrower can afford and the amount of money needed to purchase the home.  The loan is secured by a note and a deed of trust and does not require monthly payments.  The loan is due in 30 years or when the home is sold; the homeowner stops using it as their principal residence; or the title is transferred out of the name of the original borrower. 

As stated in the First Time Home Buyer Brochure, the first step of the process is to select a lender from the list of approved certified lenders.  The lender will pre-qualify you for a loan and determine the amount you can afford on a house.  The second step is to apply for First-Time Homebuyer funds at the Business and Housing Services office at Town Hall. When you receive an Eligibility Letter, you will work with a certified Realtor to help you select a home.   Free First Time Homebuyer Programs are offered through the City of Oroville and Town of Paradise. 

Realtors & Lenders

The  Disclosure to Seller must be signed at the time of the purchase contract is accepted.  The realtor must then complete an Escrow Information Sheet.  Lenders must complete a First-Time Homebuyer - Program Interest Form.  

The Town of Paradise does not discriminate on the basis race, color, national origin, religion, sex, familial status, or disability.  Know your rights – Fair Housing Act.