It is no secret that buying your first home in The OC can be tough with the median price of a single family home above $700,000 and the price of Townhome or Condo is at about $500,000. With that said the Orange County Association of Realtors and the California Association of Realtors have started two grant programs. Both these grants come from the California Home Affordability Fund (HAF)
HOA Assistance: This program is available to all California First-Time Homebuyers and provides up to 6 months of HOA fees paid with a max limit of $2500. Terms apply, i.e. you must be a First-Time buyer and utilize a Licensed California Realtor. contact Kelly to review if you qualify for this grant program.
Enhancement Fee Grant: In addition to the HOA program from the California Association of Realtors (CAR), a second grant was awarded to the Orange County Association of Realtors to help First-Time Homebuyers purchase in the communities of Ladera Ranch and Telega is South Orange County.
In both these communities a enhancement fee is required by the buyer and equals 1/4% of 1%. However the issue comes when a first-time buyer uses FHA financing as the Federal Housing Administration has restrictions on community enhancement fees which buyers are not allowed to pay for.
The purpose of this grant is to pay the enhancement fee for first-time homebuyers, who are purchasing a home below $650,000 with 10% or less down in Ladera Ranch and Telega.
As with the HOA Grant the home buyer and seller must use a Licensed California Realtor and for the Enhancement Fee Grant the Realtor must be a member of the Orange County Association of Realtors. Both programs have terms and time limits until the funds run out. For more information and to see if you qualify, contact Realtor Kelly Turbeville.
Doing the math, for Orange County residents that equals approximately $4100 in your pocket.. (based on a $650k home) Nice little chunk to help with some of your cost..
Purchasing your first home can be a bit overwhelming. It is important to work with a Realtor that truly has a passion and understanding for first-time buyers, as well as a Mortgage Lender. Of course, we are here to help. If you are thinking of purchasing a home in South Orange County, check out FREE Report: Things to Consider when buying a house (Winter Edition)
Remember, It's Possible!
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