Housing Watch: Down payment assistance on homes for low-income Valley families

FRESNO, Calif. (KFSN) -- The dream of homeownership appears to be drifting farther away for many people.

But several programs through the city of Fresno offer down payment assistance for low to moderate-income families.

"What we recognize in Fresno is the housing market has sky-rocketed," says Fresno Mayor Jerry Dyer. "It's very difficult to pay rent, it's very difficult to pay a mortgage and so people need assistance."

A program through Bank of America can provide up to $17,500 for down payment assistance.

Another one is handled by the Federal Home Loan Bank of San Francisco.

"They offer $22,500 for first-time homebuyers through assistance," Dyer said. "That's through the WISH program."

The rate of homeownership among minority families in Fresno is 19% lower than white families, according to Construction Coverage.

Aisha Allen with Realtist of Fresno County helps connect people with programs such as one offered through Self-Help Credit Union.

"They recently rolled out two new programs that help cover down payment," Allen said.

Allen says those programs are made for families making about $35,000 a year, but other factors are considered.

Realtist seeks to increase homeownership through education.

It offers workshops to let homebuyers know about available resources.

"Actually, there is a good amount of people who end up qualifying that weren't expecting to qualify at all," Allen said.

That is the key -- you never know unless you apply.

If you're interested in these home buyer assistance programs, we've posted links on our website.

For news updates, follow Dale Yurong on Facebook and Twitter.