Frequently Asked Questions for First-Time Homebuyers in Contra Costa County

Navigating the housing market as a first-time buyer can be complex. Here's a guide to common questions for those looking to purchase a home in Contra Costa County:

1. What is the current housing market like in Contra Costa County?

The Contra Costa County housing market is currently a seller's market, meaning there are more buyers than available homes. As of early 2026, the median home sale price was around $758,900, with homes typically selling after about 20-33 days on the market. While inventory has shown some increase, demand remains strong, and properties are often selling at or slightly above asking price.

2. Are there any programs to help with down payments or closing costs?

Yes, Contra Costa County offers several programs to assist first-time homebuyers with down payments and closing costs. These include:

• CalHOME Program: Offers a "silent" down payment assistance loan of up to $38,000 for low-income households, with no monthly payments.
• Mortgage Credit Certificate (MCC) Program: Provides a federal income tax credit, which can reduce your tax liability and effectively increase your disposable income for mortgage payments. Contra Costa County administers this program.
• Workforce Initiative Subsidy for Homeownership (WISH) grants: These grants can help with down payments and closing costs.
• NeighborhoodLIFT: This program, a collaboration between Wells Fargo and NeighborWorks America, offers $25,000 towards down payment and/or closing costs for eligible homebuyers who complete approved homebuyer education.
• RCF Connects Down Payment Assistance Program: Launched in April 2025, this initiative provides grants of up to $10,000 for eligible first-time homebuyers in Contra Costa County.
• City-specific programs: Cities like Concord offer their own First-Time Homebuyer (FTHB) programs, providing second mortgage loans for down payment and/or closing costs, potentially up to $40,000.
• Home Access Program: Offered by Housing Trust Silicon Valley, this program, expected in May 2025, assists households with incomes not exceeding 80% of the Area Median Income in Alameda and Contra Costa Counties, with down payment assistance up to 40% of the purchase price, not to exceed $200,000.

3. How are property taxes calculated in Contra Costa County?

In Contra Costa County, the base property tax rate is 1% of the assessed value of your home, as established by Proposition 13. On top of this, voter-approved local bonds and special assessments are added, which can vary by city and specific property location. This means the effective property tax rate typically falls between 1.2% and 1.5% of the assessed value. Your property's assessed value is generally its purchase price and can increase by no more than 2% per year unless there's a change in ownership or new construction.

4. What other costs should first-time homebuyers budget for?

Beyond the down payment and monthly mortgage, first-time homebuyers should budget for several ongoing expenses, including property taxes, homeowners insurance, and potential maintenance costs. Closing costs, which are expenses incurred during the home sale transaction, also need to be considered.

5. What is the process for applying for down payment assistance programs?

While specific application processes vary by program, common requirements often include being a first-time homebuyer (not having owned a home in the past three years), meeting income limits, and attending a HUD-approved homebuyer counseling course. It's advisable to get pre-approved for a mortgage before applying for assistance programs. Organizations like Community Housing Development Corporation and Richmond Neighborhood Housing Services can provide further guidance and services.