The 30-year amortized loans will have an interest rate approximately 1% below the market rate for first mortgages. (Current second mortgage rate is 5%.) The OCHT will work with a variety of financial institutions to provide the first mortgages and allow additional subsidies from city, county and state government or other programs that the borrower may qualify for to leverage OCHT funds

Down payment assistance loans of $8,000 will be made available to borrowers who are 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(s) must have incomes at below 140% of the AMI. 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. There is no prepayment penalty. 

PROGRAM DETAILS

Income Restrictions:  Family must meet Orange County income limits (160% of Countywide Median):

                              INCOME GUIDELINES

        Family size                                           Maximum Income

1                                                          $ 88,144

2                                                          $100,736

3                                                          $113,328

4                                                          $125,920

5                                                          $135,994

6                                                          $146,067

7                                                          $156,141

8                                                          $166,215

Eligible Properties:  Single-family detached homes, condominiums, and town homes are eligible

Eligible Cities/Areas: Family must purchase in Orange County

Program Flyer:  Down Payment Assistance Guidelines - PDF

HOME BUYER COMMENTS:  If you are a home buyer that has experience with any of these programs.  Please post comments for the benefit of other First Time Home Buyers.