(It is not as easy/simple as it may sound … but it is not impossible, lot of hard work, patience and followup is required, like they say Nothing is absolutely free!). Do your home work, do not expect all programs “Active” all the times, most of them are on limited funding.
I want to introduce you to some of the intermittently available loan assistance programs. But don’t sweat it…I will help you find the programs that may be right for you. There are many more programs available and the list is constantly changing. Please contact me for the latest information on finance assistance options.
Grants & Low-Cost Loans
Yes, there are grant programs available for home buyers. Many of these programs are specifically geared to first-time buyers. Here is a brief overview of some of the legitimate programs available to SoCal home buyers:
Veteran’s Administration (VA) – Learn more about Veteran Programs
• Eligibility: Active-duty, reservist, and retired service veterans of the United States Armed Forces
• Benefits: Low-cost loans for veterans. Zero-down payment loans for up to $417,000. Small down payment for loans up to $700,000.
AmeriDream – charitable organization
• Eligibility: First-time and repeat home buyers seeking primary residence
• Benefits: Grant of up to 10% of property sale price; no repayment
California Housing Finance Agency (CalHFA)
• Eligibility: First-time home buyers
• Benefits: First mortgage and down payment assistance; below market interest rates on 30-year fixed loans
• Other: Offers some properties 12% below appraised value
California Public Employees Retirement System (CalPERS)
• Eligibility: Active, inactive, and retired members of CalPERS
• Benefits: Borrowed against SoCal home buyers retirement account. Low fees.
California State Teachers Retirement System (CalSTRS)
• Eligibility: Employees of California public school districts or community colleges. Must be a CalSTRS member.
• Benefits: 3% down-payment and 5-year deferred second mortgage. Maximum loan of $650,000. Frequently enables buyers to qualify for larger first mortgage.
Federal Housing Administration (FHA)
• Eligibility: Employment and minimum credit score. May be used for both primary dwelling and non-occupant purposes.
• Benefits: Mortgage insurance program. Down payment as low as 3.5%. Low closing costs. Easy credit qualifying. Down payment can be 100% gift funds.
• Note: For Orange County homes, the single family mortgage limit is $ 729,750. Multi-dwelling units may qualify for loans up to $1,403,400.
Mortgage Credit Certificate:Call me for more info @ 949 748-9834 (Presently not available in Stanton and Costa Mesa)
Housing Action Resource Trust (HART)
• Eligibility: First-time and repeat home buyers purchasing primary residence
• Benefits: Grants up to $25,000 to be applied to down payment and/or closing costs. No repayment required.
National Home Buyers Fund, Inc (NHF)
• Eligibility: Home buyers seeking primary residence, single family home.
• Benefits: No sales price limitation. Down payment and closing costs may be financed up to 105% of loan-to-value ratio. 40-year fixed loans available. 10-year interest-only loan terms available.
Orange County Housing Trust (OCHT)
• Eligibility: Home buyers seeking Orange County property as primary residence.
• Benefits: Provides either 25% of purchase price or up to $115,000 toward down payment, whichever is less.
• Note: Buyer must contribute at least 3% of purchase price.
Pacific West Association of Realtors Charity Foundation (PWR)
• Eligibility: First-time home buyers seeking primary residence within PWR’s jurisdiction (North/Central Orange County; portions of SE Los Angeles).
• Benefits: Down-payment assistance.
Various City/Municipal Programs
• Eligibility: Generally open to first-time home buyers
• Benefits: Varies by city. Often used in conjunction with other loan programs.
It is important that you make an informed decision about your Orange County Real Estate purchase. As your agent, I will work with my qualified loan consultant to guide you through your options. Many of the programs listed above have unique features and can be bundled to meet your specific needs.