First Time Home Buyer Program

The Town of Paradise offers a deferred, low-interest loan to eligible first-time homebuyers based on Federal  pdf 2019 Income Limits (13 KB) 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 “bridge” or “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    pdf First Time Home Buyer Brochure (423 KB) , the first step of the process is to select a lender from the list of approved pdf certified lenders (883 KB) .  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. you received an Eligibility Letter, you will work with a pdf certified Realtor (2.50 MB)  to help you select a home.   Free First Time Homebuyer Programs are offered through the    pdf City of Oroville (866 KB)  and the   pdf Town of Paradise (240 KB) .

 For more detailed information about our program, please refer to the guidelines and loan procedures.

Realtors & Lenders:

  pdf Certification Refresher (589 KB)                           

The pdf Disclosure to Seller (164 KB)  must be signed at the time of the purchase contract is accepted.  The realtor must then complete an   pdf Escrow Information Sheet (153 KB) .  Lenders must complete a pdf First-Time Homebuyer - Program Interest Form (113 KB) .  

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.