We at Villa Valencia are proud to offer our buyers the following housing assistance programs for 1st time homebuyers.
Federal Housing Authority (FHA) Loan Programs
The Federal Housing Administration (FHA), an agency of the federal government, insures
private loans that are issued for new and existing housing, and loans that are approved for
home repairs. Created by congress in 1934, the FHA became part of the Department of
Housing and Urban Development's Office of Housing (HUD) in 1965. Today the mission of the
FHA includes helping borrowers get amounts they qualify for, and assisting lenders by
reducing their risk in issuing loans. FHA loans are available through Craig Paladeau of Wells
Fargo Bank
Program Highlights:
LOw down payment option of 3.5%
Credit scores of 600 FICO or more qualifies
Gifts from family or friends is allowed with no limits on amount
Craig Paladeau Wells Fargo Contact Information
Work Telephone: 408-573-4250
Email: craig.paladeau@wellsfargo.com
City of San Jose Loan Assistance Program
The city of San Jose Housing Department offers loan assistance of
up to $60,000 for each qualified income-eligible household. Funds from a private
lender, other programs, and the household are used to finance the remainder of the
purchase price. Download the application at www.sjhousing.org/program/HB/LoanApp.pdf.
Program Highlights:
Household size and income-eligibility requirements
Must not have owned a home during the last 3 years
Minimum credit score of 600
Completion of a homebuyer education program is required
All homes must be "owner occupied" for the life of the loans
Buyers many not have greater than $50,000 in liquid assests after close of escrow
Contact Craig Paladeau for information
City of San Jose Loan Assistance Teacher Homebuyer Program
The Teacher Homebuyer Program (THP) is an integral part of the City's effort to make
San Jose California's most teacher-friendly city. The goal is to attract and retain public
school teachers who are needed to provide quality education for San Jose youth. To assist
in achieving this goal, the THP offers a 0% interest, deferred payment loan of $40,000 or
$65,000 depending on teacher income. For more information, go to www.sjhousing.org or
www.sjhousing.org/program/HB/THP.pdf.
Program Highlights:
Eligible applicants include: public school teachers, employed full time at a K-12 school
located within the City Of San Jose or at a public school where 50% or more of the
students are San Jose residents.
Currently does not own a home as a primary residence
Have a household income that does not exceed 120% of median income for
Santa Clara County, adjusted for family size
Completion of a homebuyer education program is required
Minimum credit score of 600
Contact Korey Richardson at 408-975-4468 or email questions to
korey.richardson@sanjoseca.gov or contact Craig Paladeau for information.
City of San Jose Faculty Homebuyer Program
The Faculty Homebuyer Program (FHP) is a unique partnership between the City of San Jose,
San Jose State University, and Spartan Shops. The goal of the program is to attract and retain
SJSU faculty members to provide quality education and experience for SJSU students and
the community. The FHP offers a zero percent (0%) interest, deferred-payment loan of up
to $60,000 for SJSU tenure track faculty. For more information, click on the following link
www.sjhousing.org/program/hb/sjsu.pdf.
Program Highlights
Eligibility: full-time tenure track San Jose State University (SJSU) faculty members
Currently does not own a home as a primary residence
Have a household income that does not exceed 120% of median income for
Santa Clara County, adjusted for family size
Completion of a homebuyer education program is required
Minimum credit score of 600
Contact Korey Richardson at 408-975-4468 or email questions to
korey.richardson@sanjoseca.gov or contact Craig Paladeau for information.
