One of the best beach communities in Ventura County. With such destinations as Oxnard Shores, Oxnard Dunes or Hollywood Beach, much of Oxnard is just minutes from these incredible beaches as well as the shopping and entertainment destinations of Channel Islands.
The best part though about buying a home here in Oxnard is that first time buyers can get up to $30,000 in down payment assistance (dpa) to purchase a home here.
The City of Oxnard Affordable Housing & Rehabilitation Division has an assistance program for the purchase of a home that meets HUD conventional guidelines. The loan provides a 3 to 1 match of the homebuyer’s contribution.
The loan is what we call a “silent second”, which means you make no payments on the loan. However, if you sell or refinance the property before the end of the term of the loan, you will need to pay back the loan (plus interest). The term of the loan is determined by the amount of the loan.
The program is available to those who have not owned a home in the last three years. All applicants must be current residents of Oxnard and legal residents of the U.S. Program eligibility will be based on total household income. Housing costs include principal and interest, property taxes and insurance, private mortgage insurance and homeowner association dues, if any.
Buyers must occupy the unit as their primary residence. Buyers must attend a home buying workshop and they must open escrow within 90 days. Lastly, the property will be inspected by city inspectors and the property must meet minimum building code standards.
Below are the income limits for the program:
Right now, there are more than 200 homes that are eligible for this program. All of these homes are currently active listings that don't have a gazillion offers on them and many are not REO's or short sales but actual equity sales where you're not dealing with some horrendous bank but a real live motivated seller.
Buying a home is one of the most important decisions someone can make. Today's real estate market can be really scary, which is why it's important to get as much information as possible before starting your search. The pre-approval process is not a simple process and it's because it can get really complicated and convoluted, that borrowers today need affordable loan options that are best suited for their own needs.
For more info on how you can qualify for this program, contact me, Donne Knudsen of C2 Financial Corp, at 805.2069123 or donne4loans@earthlink.net.
Photos courtesy of flickr: kenlund cityofoxnard
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