JVM’s Special Purpose Credit Program helps homebuyers unlock up to a $20K credit when purchasing a home. This program is designed to reduce upfront housing costs and supports economically diverse communities.

How JVM’s Special Purpose Credit Program Works

When you purchase a home in one of the approved census tracts in California, Texas, or Florida, you qualify for up to a credit of up to $20,000. Additionally, a 2.5% lender credit is applied to help lower your interest rate or reduce your closing costs.

To qualify, the property you want to purchase must be in an approved area. Your household income should generally be within 120% of the Area Median Income (AMI), though some tracts offer no income limits. You don’t need to be a first-time buyer; you simply must not currently own a property. A minimum credit score of 640 and owner occupancy are also required.

The program is designed to bridge homeownership gaps quickly, with a streamlined closing process that typically takes 14-21 days. This efficiency means you can move into your new home faster while enjoying reduced financial burdens.

Key Program Benefits

What makes this program stand out? Here are its main benefits:

• Up to $20K credit reduces upfront costs for your home purchase.
• 2.5% lender credit helps lower interest rates or reduce closing costs.
• Streamlined process enables quick closing within 14-21 days for faster homeownership.
• Select census tracts offer no income limitations, broadening eligibility for more buyers.

These features are designed to ease the financial burden of buying a home, making homeownership more accessible and affordable. The credit boost and lender credit work together to lower both monthly payments and initial out-of-pocket expenses, paving a smoother path to securing a home.

Program Eligibility

Here are the key eligibility requirements:

• The home must be located in an approved census tract in CA, TX, or FL.
• Household income should be within 120% of the AMI, though some areas have no income restrictions.
• You must not currently own any property.
• A minimum score of 640 is required.
• The property must be owner-occupied.

These criteria are designed to ensure that credit assistance reaches those who need it most. By targeting areas with homeownership gaps, the program ensures that individuals gain the benefit of improved access to credit and reduced financial obstacles.

Property Qualification & Census Tract Requirements

To utilize this program, you must purchase a home that is located within an approved census tract.

Census tracts are defined by the U.S. Census Bureau as subdivisions for analyzing demographics, with an average population of about 4,000. These tracts aim to group areas with similar population characteristics, economic statuses, and living conditions.

Understanding and meeting the census tract requirements is a necessary step for this 3% down with no PMI loan program. This program is tailored to assist first-time buyers within these specific areas, enhancing their homebuying journey and grant eligibility.

Below are maps outlining the eligible areas.

Contra Costa County, California