City of Santa Cruz - First Time Home Buyer Options The First Time Homebuyer (FTH) Program provides low- and moderate income first time homebuyers with a "silent" second mortgage. Silent second mortgages require no monthly payments until one of several events occur at a point in the future. Designed to fill the gap between what a first time homebuyer can borrow from a mortgage lender and the purchase price of the home, the FTH Program may be utilized to satisfy down payment requirements of the first mortgage lender as well as pay the borrower's closing costs and other fees associated with a mortgage loan. Depending on circumstances, several FTH Program funding sources may be layered together in a series of secondary loans. Interested first time homebuyers must first select a property to...
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