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Down Payment Assistance Programs in Orange County, CA

It would be ideal for all homebuyers to pay for their down payment and closing costs with savings.  Unfortunately, this is not always the case.  Down payment and closing costs stand as the single biggest obstacles that homebuyers face in home ownership.  That is why homebuyers typically use gifts from friends or family, and at times they even liquidate their 401k or other retirement funds to be able to afford their new home.  So we ask ourselves, is this how we really want our borrowers to be paying for their homes? Not at all.  That is why we at Broadview Mortgage participate in various California Down Payment Assistance Programs to help our borrowers achieve the American Dream of home ownership.  Explore the programs in your area below.  The Down Payment Assistance Programs listed below detail requirements in Orange County.

Orange County includes:

  • Aliso Viejo
  • Anaheim
  • Brea
  • Buena Park
  • Costa Mesa
  • Cypress
  • Dana Point
  • Fountain Valley
  • Fullerton
  • Garden Grove
  • Huntington Beach
  • Irvine
  • La Habra
  • La Palma
  • Laguna Beach
  • Laguna Hills
  • Laguna Niguel
  • Laguna Woods
  • Laguna Woods
  • Lake Forest
  • Los Alamitos
  • Mission Viejo
  • Newport Beach
  • Orange
  • Placentia
  • Rancho Santa Margarita
  • San Clemente
  • San Juan Capistrano
  • Santa Ana
  • Seal Beach
  • Stanton
  • Tustin
  • Villa Park
  • Westminster
  • Yorba Linda

If you reside in California, but outside of Orange County, give us a call at (714)464-2945 for options in your City.

1. CalPLUS with ZIP

 Assists with: Down payment

 Maximum Amount of Assistance: up to 3.5% of the CalPlus FHA 1st Mortgage

Eligible for:

  • 30 year FHA 1st mortgage loan combined with the Zero Interest program 2nd loan
  • Primary residence homes
  • Single-family residence and BMCD approved condos
  • Borrowers with 640 minimum credit score
  • W2 and/or tax return filers
  • Borrowers with 45% maximum debt-to-income (DTI) ratio
  • 103% combined loan-to-value (CLTV)

First Time Homebuyer Exceptions: Borrowers who live in targeted areas* and qualified veterans

 Program Highlights & Benefits:

  • Low interest rate 1st mortgage (long term mortgage)
  • Deferred payment, zero interest rate 2nd mortgage (long term mortgage)
  • Can be combined with Mortgage Credit Certificate (MCC), CHDAP, ECTP, or Energy Efficient Mortgage (EEM)

 Additional Requirements: Borrower must complete 8 hour Homebuyer Education course and obtain a certificate of completion through an eligible homebuyer counseling organization (NOTE: only one occupying borrower on each loan transaction needs to take this course)

Income Limits: *as of August 5th, 2013*

Persons

1

2

3

4

5

6

7

8

Orange County $70,150 $80,200 $90,250 $100,250 $108,250 $116,300 $124,300 $132,250

*source: http://www.calhfa.ca.gov/homeownership/limits/income/income-moderateFHA.pdf

 Sales Price Limits: *as of August 5th, 2013* the sales price of the home cannot exceed county limits.

 

New Construction

Non-Targeted

New Construction

Targeted

Resale

Non-Targeted

Resale

Targeted

Orange County

$673,616

$823,308

$673,616

$823,308

*source: http://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf

Loan Limits: *as of January 1st, 2014* Must use basic standard mortgage loan limits.

One-Family

Two-Family

Three-Family

Four-Family

Orange County

$625,500

$800,775

$967,950

$1,202,925

*source: https://entp.hud.gov/idapp/html/hicost1.cfm

Waiting Period after Credit Hardship:

  • 2 year waiting period from discharge of Bankruptcy under Chapter 7
  • 1 year waiting period from discharge of Bankruptcy under Chapter 13
  • 3 year waiting period from Foreclosure, Short Sale or Deed in Lieu of Foreclosure

*Targeted areas are areas defined by the Federal Government where 70% of the families who live there earn an income that is 80% or less than the California statewide median income.  Check with your Loan Officer to determine which properties are located in a targeted area. Or, visit the CalHFA website to learn how to locate targeted areas in California at: http://www.calhfa.ca.gov/homebuyer/information/fdta.htm

What type of documents do I need?

The CalHFA website suggests, “when initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you”:

  1. Pay stubs
  2. Bank statements
  3. Employment History
  4. Previous Tax Returns

How to Apply for the Program:

Submit Your Information to Speak with a Licensed Loan Officer About Your Down Payment Assistance Eligibility here:

2. CalHFA California Homebuyer’s Downpayment Assistance Program (CHDAP) with an FHA 1st Mortgage

 Assists with: Down payment and/or closing costs

Maximum Amount of Assistance: up to 3% of the purchase price or appraised value of the home (whichever value is less)

Eligible for:

  • Primary residence homes
  • Borrowers with 640 minimum credit score
  • Minimum required investment for those with 640-679 credit score = $1,500; for those with 680+ credit score = $1,000
  • W2 and/or tax return filers
  • Borrowers with 45% maximum debt-to-income (DTI) ratio
  • 103% combined loan-to-value (CLTV)

First Time Homebuyer Exceptions: Borrowers who live in targeted areas* and qualified veterans (click here for more about VA mortgage: http://broadviewmortgageorange.com/home-loans/va-mortgage/ )

 Program Highlights & Benefits:

  • Low interest rate
  • Deferred payment
  • Can be combined with Mortgage Credit Certificate (MCC), CalHFA FHA 1st mortgage, CalPLUS, any non-CalHFA FHA/VA/USDA/Conventional 1st mortgage 

 Additional Requirements: Each borrower must complete 8 hour Homebuyer Education course and obtain a certificate of completion through an eligible homebuyer counseling organization.  Courses may be complete online, in-person, or by phone.  Below are examples of providers:

Income Limits: *as of August 5th, 2013* NOTE: These figures apply when CHDAP is used behind an FHA 1st Mortgage.

Persons

1

2

3

4

5

6

7

8

Orange County $70,150 $80,200 $90,250 $100,250 $108,250 $116,300 $124,300 $132,250

*source: http://www.calhfa.ca.gov/homeownership/limits/income/income-moderateFHA.pdf

Income Limits: *as of August 5th, 2013* NOTE: These figures apply when CHDAP is used behind a Conventional/USDA/VA 1st Mortgage.

Persons

1

2

3

4

5

6

7

8

Orange County $73,250 $83,700 $94,200 $104,650 $113,000 $121,400 $129,750 $138,150

*source: http://www.calhfa.ca.gov/homeownership/limits/income/income-moderate.pdf

 Sales Price Limits: *as of August 5th, 2013* the sales price of the home cannot exceed county limits.

 

New Construction

Non-Targeted

New Construction

Targeted

Resale

Non-Targeted

Resale

Targeted

Orange County

$673,616

$823,308

$673,616

$823,308

*source: http://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf

Loan Limits: *as of January 1st, 2014* Must use basic standard mortgage loan limits.

One-Family

Two-Family

Three-Family

Four-Family

Orange County

$625,500

$800,775

$967,950

$1,202,925

*source: https://entp.hud.gov/idapp/html/hicost1.cfm

*Targeted areas are areas defined by the Federal Government where 70% of the families who live there earn an income that is 80% or less than the California statewide median income.  Check with your Loan Officer to determine which properties are located in a targeted area. Or, visit the CalHFA website to learn how to locate targeted areas in California at: http://www.calhfa.ca.gov/homebuyer/information/fdta.htm

Funding Available: $5,000,000 allocated to this program each month.

What type of documents do I need?

The CalHFA website suggests, “when initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you”:

  1. Pay stubs
  2. Bank statements
  3. Employment History
  4. Previous Tax Returns

How to Apply for the Program:

Submit Your Information to Speak with a Licensed Loan Officer About Your Down Payment Assistance Eligibility here:

3. CalHFA Extra Credit Teacher Home Purchase Program (ECTP)

Assists with: Down payment and/or closing costs

Eligible for:

  • Teachers, administrators, staff, and classified employees that work in high priority schools (API 1-5)
  • Primary residence homes
  • Single-family residence and BMCD approved condos
  • Borrowers with 640 minimum credit score
  • W2 and/or tax return filers
  • Borrowers with 45% maximum debt-to-income (DTI) ratio
  • 103% combined loan-to-value (CLTV)

Program Highlights & Benefits:

  • $7,500 maximum assistance in non-high cost areas, $15,000 in high cost* areas (NOTE: Orange County is recognized as a high cost area)
  • Deferred payments for the life of the loan
  • Must be combined with CalFHA loan, CalFHA Plus
  • Can be combined with ZIP, CHDAP, MCC, and EEM
  • Interest forgiveness feature after 3 years if still employed by school

 Additional Requirements:

  • Minimum required investment for borrowers with credit scores between 640-679 = $1,500, for borrowers with credit scores 680 and over = $1,000.
  • Borrower must complete 8 hour Homebuyer Education course and obtain a certificate of completion through an eligible homebuyer counseling organization (NOTE: only one occupying borrower on each loan transaction needs to take this course)
  • You can take the course online at http://ehomeamerica.org/calhfa or,
  • You can take the course in person through Neighborworks America.  For more information, visit: http://www.nw.org/network/nwdata/homeownershipcenter.asp

Income Limits: *as of August 5th, 2013*

Persons

1

2

3

4

5

6

7

8

Orange County $70,150 $80,200 $90,250 $100,250 $108,250 $116,300 $124,300 $132,250

*source: http://www.calhfa.ca.gov/homeownership/limits/income/income-moderateFHA.pdf

 Sales Price Limits: *as of August 5th, 2013* the sales price of the home cannot exceed county limits.

 

New Construction

Non-Targeted

New Construction

Targeted

Resale

Non-Targeted

Resale

Targeted

Orange County

$673,616

$823,308

$673,616

$823,308

*source: http://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf

Loan Limits: *as of January 1st, 2014* Must use basic standard mortgage loan limits.

One-Family

Two-Family

Three-Family

Four-Family

Orange County

$625,500

$800,775

$967,950

$1,202,925

*source: https://entp.hud.gov/idapp/html/hicost1.cfm

Waiting Period after Credit Hardship:

  • 2 year waiting period from discharge of Bankruptcy under Chapter 7
  • 1 year waiting period from discharge of Bankruptcy under Chapter 13
  • 3 year waiting period from Foreclosure, Short Sale or Deed in Lieu of Foreclosure

Funding Available: $5,000,000 allocated to this program each month.

What type of documents do I need?

The CalHFA website suggests, “when initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you”:

  1. Pay stubs
  2. Bank statements
  3. Employment History
  4. Previous Tax Returns

How to Apply for the Program:

Submit Your Information to Speak with a Licensed Loan Officer About Your Down Payment Assistance Eligibility here:

4. Southern California Home Financing Authority (SCHFA)

Assists with: Down payment and closing costs

Maximum Amount of Assistance: Provides 1st mortgage as well as a grant equal to 4% of the first mortgage amount for down payment and closing cost assistance

Eligible for:

  • 1st time homebuyers
  • Permanent United States Residents
  • Primary residence
  • Eligible with FHA, VA, or USDA-RD loans
  • Borrowers that have filed IRS tax returns for the past 3 years
  • Minimum credit score of 640
  • Maximum debt-to-income (DTI) ratio is 45%

First Time Homebuyer Exceptions: Borrowers who live in targeted areas* and qualified veterans 

Program Highlights & Benefits:

  • Competitive 1st mortgage financing
  • Grant is gifted and does not need to be paid back

Additional Requirements: Borrower must complete 8 hour Homebuyer Education course and obtain a certificate of completion through an eligible homebuyer counseling organization.  Each certificate must be dated within 12 months prior to the close of escrow.  Here are a few examples of education counseling providers:

Income Limits: *as of January 31st, 2014

Persons

1-2

3+

Orange County $109,800 $128,100

*source: http://broadviewmortgageorange.com/schfa-first-time-homebuyer-program/

Sales Price Limits: *as of August 5th, 2013* the sales price of the home cannot exceed county limits.

 

New Construction

Non-Targeted

New Construction

Targeted

Resale

Non-Targeted

Resale

Targeted

Orange County

$673,616

$823,308

$673,616

$823,308

*source: http://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf

Loan Limits: While the program has very high sales price limits, the driving force is the maximum loan amount of $417,000.

*Targeted areas are areas defined by the Federal Government where 70% of the families who live there earn an income that is 80% or less than the California statewide median income.  Check with your Loan Officer to determine which properties are located in a targeted area. Or, visit the CalHFA website to learn how to locate targeted areas in California at: http://www.calhfa.ca.gov/homebuyer/information/fdta.htm

Funding Available: $25,000,000 allocated to this program each month.

What type of documents do I need?

The CalHFA website suggests, “when initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask  you”:

  1. Pay stubs
  2. Bank statements
  3. Employment History
  4. Previous Tax Returns

How to Apply for the Program:

Submit Your Information to Speak with a Licensed Loan Officer About Your Down Payment Assistance Eligibility here:

5. CRHMFA Homebuyer’s Fund (CHF) Platinum 

Assists with: Down payment and closing costs

Maximum Amount of Assistance: up to 5% of the Mortgage Loan Amount

Eligible for:

  • FHA 30-year fixed Mortgage
  • Conventional 30-year fixed Mortgage
  • VA 30-year fixed Mortgage
  • USDA 30-year fixed Mortgage
  • Primary residence homes
  • Grant does not have to be paid back
  • Single-family residence and BMCD approved condos/townhouses
  • Borrowers with 640 minimum credit score
  • Borrowers with 45% maximum debt-to-income (DTI) ratio

Program Highlights & Benefits:

  • Can be combined with CHDAP

Income Limits: The income limit for Orange County on this program is $102,360. *source: http://www.nhfloan.org/programs/CHF_Platinum/Platinum_IncomeLimits.pdf

Loan Limits: The maximum loan amount for this program is $417,000.

Funding Available: $25,000,000 allocated to this program each month.

What type of documents do I need?

The CalHFA website suggests, “when initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you”:

  1. Pay stubs
  2. Bank statements
  3. Employment History
  4. Previous Tax Returns

How to Apply for the Program:

Submit Your Information to Speak with a Licensed Loan Officer About Your Down Payment Assistance Eligibility here:

 6. Mortgage Credit Certificate Program (MCC)

Assists with:  Net Spendable Income.  The MCC is a federal tax credit which can reduce potential federal tax liability, creating additional net spendable income which borrowers may use towards their monthly payment.  This means an MCC may help the buyer to qualify more easily for a mortgage loan by increasing their “qualifying income”

Maximum Amount of Assistance: The ongoing Federal Tax Credit is not to exceed $2,000 per year or exceed borrower’s annual federal income tax liability

 Eligible for:

  • United States Citizens
  • 1st time homebuyers or persons who have not owned a principal interest in a residence in the past 3 years

First Time Homebuyer Exceptions: Borrowers who live in targeted areas* and qualified veterans 

Program Highlights & Benefits:

  • The MCC may enable 1st time homebuyers to convert 20% of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns
  • 20% of mortgage interest paid can be taken as a federal income tax credit for the life of the loan
  • The unused portion of the credit can be rolled forward for up to 3 years
  • Can be combined with CalPlus FHA 1st mortgage loan with zero interest program (ZIP), CalHFA FHA 1st mortgage loan with fully amortized fixed interest rate, any non CalHFA FHA/Conventional/USDA/VA 1st mortgage

Income Limits: *as of January 6th, 2014*

Non-Targeted Area

1-2 Persons

Non-Targeted Area

3+ Persons

Targeted Area

1-2 Persons

Targeted Area

3+ Persons

Orange County

$73,200

$91,500

$73,200

$91,500

*source: http://www.calhfa.ca.gov/homeownership/limits/income/income-mcc.pdf

Sales Price Limits: *as of August 5th, 2013* the sales price of the home cannot exceed county limits.

 

New Construction

Non-Targeted

New Construction

Targeted

Resale

Non-Targeted

Resale

Targeted

Orange County

$673,616

$823,308

$673,616

$823,308

*source: http://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf

 *Targeted areas are areas defined by the Federal Government where 70% of the families who live there earn an income that is 80% or less than the California statewide median income.  Check with your Loan Officer to determine which properties are located in a targeted area. Or, visit the CalHFA website to learn how to locate targeted areas in California at: http://www.calhfa.ca.gov/homebuyer/information/fdta.htm

What type of documents do I need?

The CalHFA website states, “when initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you”:

  1. Pay stubs
  2. Bank statements
  3. Employment History
  4. Previous Tax Returns

How to Apply for the Program:

Submit Your Information to Speak with a Licensed Loan Officer About Your Down Payment Assistance Eligibility here:

7. Broadview Community Access (BCA)

Assists with: Qualifying and reduces mortgage insurance rates

 Eligible for:

  • Public employees and teachers
  • Conventional mortgage
  • 30-year fixed
  • Primary residence homes
  • Single-family and double-family residences, and BMCD approved condos/townhouses
  • Borrowers with 620 minimum credit score up to 90% loan to value (LTV)
  • Borrowers with 45% maximum debt-to-income (DTI) ratio; 50% maximum debt-to-income (DTI) ratio with compensating factors
  • Buyer assistance used up to 103%
  • Can be used with CHDAP

Program Highlights & Benefits:

  •  Reduced mortgage insurance rates

 Additional Requirements: 5% minimum down payment

Income Limits: $98,140 in Orange County

 Sales Price Limits: None

Loan Limits: The maximum loan amount for this program is $417,000 – $625,000 depending on the loan program chosen.

Waiting Period after Credit Hardship:

  • 4 year waiting period from discharge of Bankruptcy under Chapter 7
  • 2 year waiting period from discharge of Bankruptcy under Chapter 13
  • 7 year waiting period from Foreclosure,
  • 2 year waiting period from Short Sale or Deed in Lieu of Foreclosure with minimum                     credit score of 680 and 20% down payment
  • 3 year waiting period from Short Sale or Deed in Lieu of Foreclosure with 680 credit                    score and 10% down payment

What type of documents do I need?

The CalHFA website suggests, “when initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you”:

  1. Pay stubs
  2. Bank statements
  3. Employment History
  4. Previous Tax Returns

How to Apply for the Program:

Submit Your Information to Speak with a Licensed Loan Officer About Your Down Payment Assistance Eligibility here:

 

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