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Lathrop rolls out home buyers’ assistance

While Lathrop is expected to build thousands of new homes in the coming decade, not everybody has the financial means to be able to take advantage of home ownership.

But the City of Lathrop wants to change that.

In its monthly newsletter to residents informing them of things that are happening in the community, the city highlighted its down payment loan program that allows low income residents the opportunity to become homeowners by providing down payment assistance loans up to 10 percent of the home’s value or $15,000 – whichever is lower.

And for those that are low income homeowners that need assistance with major repairs or upgrades, the city has something that could help as well – the housing rehabilitation program that aims to make improvements more affordable to families that qualify.

That program is administered through the San Joaquin County Neighborhood Preservation Office, and is only available to owner-occupied residential units where the families applying meet income requirements.

The GAP loan program – which is named because of its use to bridge the gap between the cost of a home and what low-income families can actually afford – requires that applicants not have owned a home in the past three years, not have debts in excess of 41 percent of their gross monthly income and not have a mortgage payment that exceeds 38 percent of the gross monthly income. Those that qualify must obtain a 30-year, fixed-rate mortgage with no co-signers, and must provide a cash down payment of at least 1 percent of the purchase price of the home.

Applicants must also either reside or work in San Joaquin County for a minimum of 12 months before applying to the county for consideration.

For additional information about the GAP loan program, visit the San Joaquin County Community Development Departments web site at The down payment assistance program is also administered through the San Joaquin County Neighborhood Preservation Office.

To contact reporter Jason Campbell email or call 209.249.3544.