California Down Payment Assistance

Program Highlights

Program Summary

The City of Huntington Beach uses funds from the Orange County Housing Assistance Program. This program provides for a silent second mortgage loan program for low-income first-time home buyers; 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.

Program Highlights

NOTE:  MCC PROGRAM IS TEMPORARILY SUSPENDED - CONTACT AT CITY SAID IT MAY BE REINSTATED LATE FALL - SEPTEMBER/OCTOBER

Mortgage Credit Certificate Program Fact Sheet

• The Mortgage Credit Certificate (MCC) Program enables first-time homebuyers to receive a federal income tax credit of 15% of the annual mortgage interest paid.
• MCC’s reduce federal income tax, increase take-home pay, and increase the qualifying loan amount for homebuyers.
• Program assistance is available only to income-eligible persons and families who have not owned a home in the last three years.
• The property must be a single-family detached home, condominium, or townhouse located within the County of Orange.
• Participants must occupy the home.

The MCC Program is administered by Affordable Housing Applications (AHA) for the County of Orange.

Program Highlights 

Program Summary

Federally funded payment assistance program

Program Details

Eligible Buyers:  Assistance offered to households who do not currently own a home

Purchase Price Limits:  $280,749

Down Payment Assistance:  Up to $50,000

Interest Rate:  3% simple interest

Income Limits: 80% of Area Median Income

Payments:  No monthly payments due.  Loan due when 1st mortgage is refinanced or home is sold.

Occupancy:  Home must always remain owner occupied.

Contribute Home Buyer Comments:  Please keep this site up to date and relevant by making comments if you have used this program or are in the process of using it now.  By sharing this information it helps all Home Buyers stay informed and up to day. 

Program Highlights

Program Summary

The California Housing Finance Agency offers First Time Home Buyer programs to specifically meet the needs of home buyers in the State of California.  CalHFA offers first mortgages to 95% with a wide variety of down payment assistance options that results in essentially no money out of pocket for down payment and in some cases closing costs.

Program Details

First Mortgage Loan Programs:

• interest only PLUS - 35 year fixed rate mortgage / Interest only for the first 5 years
• 30 Year Fixed - 30 year fixed, fully amortized mortgage
• 40 Year Fixed - 40 year fixed, fully amortized mortgage

Down Payment Assistance Loan Programs:

• CalHFA Housing Assistance Program (CHAP):  Offers a deferred payment down assistance loan up to 2% of the purchase price or appraised value, whichever is less, in CHAP designated areas.
• California Homebuyers Downpayment Assistance Program (CHDAP):  Offers a deferred payment loan up to 3% of the purchase price or appraised value.  May be used for either down payment assistance or closing costs.
• Extra Credit Teacher Home Purchase Program (ECTP):  is designed to make homeownership a possibility for eligible teachers, administrators, classified employees and staff members working in high priority schools in California.

Purchase Price Limits:  Purchase price limits are determined by County and Area - See guidelines here

Income Limits:  Income restrictions are determined by County and number of occupants in home.  See guidelines here

Payments:  Payments on all down payment assistance loans are deferred for the term of the first mortgage.  Repayment is required if first mortgage is either refinanced or home is sold.

Recapture:  Under certain circumstances, there is a recapture feature to CalHFA first mortgages - see guidelines here

Contribute Home Buyer Comments:  Please keep this site up to date and relevant by making comments if you have used this program or are in the process of using it now.  By sharing this information it helps all Home Buyers stay informed and up to day. 

PROGRAM HIGHLIGHTS

PROGRAM SUMMARY

The Workforce Initiative Subsidy for Homeownership (WISH) Program provides grants to qualified homebuyers. The program is designed to help people living in high-cost areas to purchase homes near their work.

PROGRAM DETAILS

Income Restrictions:  Family must meet Orange County income limits (80% of Countywide Median):

                             INCOME GUIDELINES

        Family size                                           Maximum Income

1                                                          $44,072

2                                                          $50,368

3                                                          $56,664

4                                                          $62,960

5                                                          $67,997

6                                                          $73,034

7                                                          $78,070

8                                                           $83,107

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

Eligible Cities/Areas: Family must purchase in Orange County

Program Flyer:  WISH Down Payment Assistance Grant - PDF