Homebuyer Assistance Program (HAP)

Homebuyer Assistance Program (HAP)


The Homebuyer Assistance Program provides assistance to eligible first-time home buyers in the form of low interest loans.  Assistance is provided as "gap" financing with a maximum of $60,000.

Program Requirements

  • The borrowing household shall have incomes at or below 80 percent (80%) of the Stanislaus County Area Median Income (AMI), adjusted for household size, as published annually by the US Department of Housing and Urban Development (HUD).
  • Borrowers must acquire a private market first mortgage.
  • Gap financing shall not exceed 60,000. Up to 5 percent of the assistance provided may be used to pay non-recurring closing costs.
Example Gap Financing Calculation

Contract Sales Price $ 250,000 
First Mortgage Pre-Approval (meeting City terms) $ 200,000


Estimated Closing Costs  (5% of $250,000)                           $12,500      
Gap Financing                                                                         $47,500
Total Homebuyer Assistance (HAP)                                      $60,000 

First Mortgage Pre-Approval                                                   $200,000
Homebuyer Assistance (HAP)                                                $  47,500
Buyer’s Minimum Contribution (51% to 80% AMI)                 $    2,500
Contract Sales Price $250,000 
Closing Costs       $  12,500
Transaction Total $262,500