Assistance for Qualified Homebuyers

The City runs a Home Ownership Program that provides gap financing for homebuyers who meet income qualification requirements.  Loans are made for the difference between what a buyer can qualify for with conventional financing, and the purchase price. The maximum program loan can be no more than 49% of the primary lender's loan.

Homes must be located within the Arcata city limits.  Loans are made at an interest rate of 1.5%, with payments deferred for 30 years. The required borrower down payment is 1% of the property purchase price.  You can find more information about qualification and how the program works by choosing a link under Forms and Applications to the right.

Use the Homeownership Pre-Application form to pre-qualify, and use this link to find out if you meet income qualifications.

Funds for this program are dependent upon availability of grant funding. When funds are not available, the Pre-Application form must be completed in order to be placed on a waitlist.