Riverside County Buyers Assistance Program (RCBAP)
Effective August 4th, 2011: Under the RCBAP, qualified buyers can receive a gift of up to $10,000 to use towards the purchase of a home in any of the cities in Riverside County.
Frequently Asked Questions
How does the program work?
If you buy a home in Riverside County through an authorized RCBAP Agent, you can receive a credit up to $12,000 to use towards your purchase.
Does everyone qualify?
No, not everyone qualifies for the program. To qualify, you must:
1. Be a current legal California resident at
the time of your purchase (it is not necessary that you live in Riverside County
at the time of purchase).
2. Be employed in the state of California.
3. Have a household income of at least $42,715* (*or supply a DU Approval from a certified Direct Lender).
4. Spend no more than 77% of your income on a mortgage payment.
5. Purchase a property which appraises at or above the contracted sales price.
**Please keep in mind that the mortgage lender you utilize may have additional qualifying requirements and fulfilling those qualifications above does not guarantee you a home loan, only the availability of the assistance funds for your purchase. These funds will be credited through escrow from agent funds and must be utilized in a manner acceptable by the lender.
If I meet the requirements above, what do I need to do to get my money?
You must fill out the RCBAP Form RC1074.63c at the time you make the offer to purchase with your agent. Once this is done, your agent will file the paperwork as necessary and notification will be sent to the escrow company for your transaction. You will be automatically credited the applicable amount directly through escrow!
Am I required to repay the money I receive?
No, the program is provided from funds received from the real estate and mortgage participants and you do not have to repay it ever!
How much money can I receive?
The amounts change periodically. Ask your authorized agent for the current Buyers Assistance Chart.
Is there a program available like this in other counties?
Currently, the only counties offering the program are Riverside County, San Bernardino County, Los Angeles County, and Orange County.
Which lenders can assist me to find the best loan while Iím participating in the RCBAP:
Your authorized RCBAP Agent will refer you to an approved lender in your area. You are not required to work with any particular lender, but those referred work closely with the RCBAP agent and have a much better chance at a successful transaction for you.
Does the program offer assistance money on commercial property:
No, the program does not currently include commercial property. Residential homes only.
For answers to any other program questions, please see your RCBAP
representatives currently handling queries in your district are listed below:
The Homefinding Center
Real Estate Agents Contact Page
4300 Green River Rd. #118
Corona, Ca. 92880
Current list of program Cities In Riverside County: