Updated 2/25/2010- I just called today, funding is currently available.
First time home buyer down payment assistance program
Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to issue tax-exempt mortgage revenue bonds for low- and moderate-income First Time Home buyers. To date, SCHFA has helped thousands of individuals and families fulfill their dreams of owning their own home through its First Time Home buyer and down payment assistance program. This program makes purchasing a home more affordable for qualifying first time home buyers by offering below-market interest 30-year fixed rate loans.
First time home buyers interested in purchasing in Lake Forest may wish to apply for a Mortgage Credit Certificate (MCC). The MCC Program is a federal tax credit program that allows you to take a federal income tax credit of up to 15% of the annual interest you pay on your home. Because the MCC reduces your federal income taxes and increases your net earnings, it is helpful in qualifying you for your first home mortgage. The MCC is registered with the IRS, and it continues to decrease your federal income taxes each year for as long as you live in your home.
To qualify, a 1-2 person household may not earn more than $111,600 annually, and a 3 or more person household may not exceed $130,200. The maximum purchase price for a home is $864,177. You may not have owned a principal residence in the last three years, and you must occupy the home, condominium or townhouse. The administrator of this federal program is the County of Orange, and you must apply for the MCC through a participating Lender. For an application and further detailed information, please contact Danh Nguyen at National Homebuyers Fund (NHF) 866-643-4968. The website for NHF is www.nhfloan.org.
To view the City of Lake Forest’s website,please CLICK HERE
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