Opportunities for Homebuyers
County of Orange Mortgage Assistance Program
The County's Mortgage Assistance Program provides silent second loans to aid low income first-time homebuyers, with annual incomes not exceeding 80% of the Area Median Income (AMI). The loans are designed to help pay for down payment and closing costs to purchase a home. The 3% simple interest, deferred payment loan has a term of 30 or 45 years depending on the funding source and a maximum loan amount of $40,000. Homebuyers must occupy the property as their primary residence. There is a 1% minimum down payment required, and the total sales prices shall not exceed 85% of the Orange County median sales price for all homes. All applicants are required to attend a homebuyer education workshop.
For additional information on the Mortgage Assistance Program or to get pre-qualified, please contact the Affordable Housing Clearinghouse at (949) 859-9255.
Orange County Workforce Loans
The Orange County Housing Trust also provides low-interest second mortgages to qualified first-time homebuyers and down payment assistance grants to members of the Orange County workforce who wish to move closer to their place of employment. Second mortgages up to $110,000 are available to first-time homebuyers with incomes up to 160% of the area median income.
For additional information on this program, please contact the Orange County Housing Trust at (714) 490-1250 or visit their website www.ochousingtrust.org.
Mortgage Credit Certificate Program
The Mortgage Credit Certificate (MCC) program is offered through the County of Orange, in partnership with Affordable Housing Applications. The MCC is a Federal Income Tax Credit program and entitles applicants to take a federal income tax credit of twenty percent (20%) of the annual interest they pay on their home mortgage. Because the MCC reduces an applicant's federal income taxes and increases their net earnings, it helps homebuyers qualify for a first home mortgage. The MCC is registered with the IRS, and it continues to decrease federal income taxes each year for as long as an applicant lives in the home.
For more information on the Mortgage Credit Certificate Program, call (800) 591-3111 or visit www.ahahousing.com.
Orange County Housing Fund
The NeighborWorks HomeOwnership Center of Neighborhood Housing Services of Orange County provides services and training for clients looking to purchase and maintain their home. Services range from providing comprehensive homeownership education to a wide-range of down payment assistance loans and grants. Neighborhood Housing Services also partners with lenders and realtors to offer a selection of affordable mortgage products and real estate services that assists homebuyers avoid excessive down payment and closing costs fees. For more information on the types of services Neighborhood Housing Services provides, call (714) 490-1250, or visit their website at www.nhsoc.org.
Down Payment Assistance Programs
Orange County Housing Trust
The Orange County Housing Trust can provide loans of up to $8,000 to first time buyers in Orange County, or current Orange County homeowners who will reduce their commute to their place of employment by 30 miles a day. To qualify for this assistance, the borrower must have an income below 40% of the area median income. The down payment assistance loan carries a 1% interest and is payable in full on the maturity date of the first mortgage or upon any sale, transfer, assignment, or refinancing of the first mortgage. For additional information on this program, please contact the Orange County Housing Trust at (714) 490-1250 or visit their website www.ochousingtrust.org.
WISH Program
The Neighborhood Housing Services of Orange County offers a down payment assistance grant program that provides up to $15,000 to each household, matching up to $3 for each $1 contributed by the first time homebuyer. Families must not exceed 80% of the Orange County median income, and must purchase a home within the County. For more information on the qualifying criteria, call Neighborhood Housing Services at (714) 490-1250, or visit their website at www.nhsoc.org.
Shane Milne
Loan Officer
Banner Mortgage
949-273-4161 phone
www.thebesthomeloans.com
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