County of Orange Mortgage Assistance Program (MAP)
Program Highlights
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County: |
Orange |
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Agency: |
County of Orange Mortgage Assistance Program |
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Web-Site: |
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Contact e-Mail: |
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Contact Us: |
(866) 667-6724 |
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How to Qualify: |
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Eligible Homes for Sale: |
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Program Description: |
Down Payment Assistance Loan |
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Maximum Purchase Price: |
85% of Area Median Sales Price |
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Income Restrictions: |
Yes |
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Requires Repayment: |
Yes |
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Buyer Contribution: |
Minimum 1% toward purchase |
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Eligible 1st Loan Terms: |
30 Year Fixed Rate / Fully Amortized |
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Eligible 1st Loan Types: |
FNMA, FHLMC, CalHFA, FHA |
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Ineligible 1st Loan Types: |
N/A |
Program Summary
Silent second mortgage loan program for low-income first-time homebuyers; principal and interest payments deferred for term of loan due in 30th year or upon sale or transfer of property, when property ceases to become owner-occupied, or upon repayment or refinancing of first mortgage, whichever comes first.
Program Details
Eligible Buyers:
All buyers on title must be first-time homebuyers defined as follows: • Someone who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property; or
• A displaced homemaker (see CalHome Definition) who
owned a home; or
• A single parent (unmarried or legally separated) who
owned a home with custody of minor child(ren); or
• An individual who has only owned a mobile home.
Maximum Assistance: Up to $40,000
Interest Rate: 3% Simple Interest
Income Limits:
Household Size: Income:
1 $52,100
2 $59,500
3 $66,950
4 $74,400
5 $80,350
6 $86,300
7 $92,250
8 $98,200
Payments/Recapture: Silent Second no monthly payments. Loan is due in 30 years or sooner if property is sold or transferred
Eligible Properties: Family must purchase an existing single family detached home. Condominiums & town homes are permitted.
Eligible Cities/Areas: County of Orange unincorporated areas (not yet incorporated into a city) and the cities of Brea, Cypress, Dana Point, La Palma, Laguna Beach, Laguna Hills, Laguna Woods, Los Alamitos, Placentia, Seal Beach, Stanton, Villa Park and Yorba Linda.
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