Mortgage Assistance Program (MAP) (OC Housing & Community Development)
What it is: Provides silent (deferred payment) downpayment assistance loans to
assist low-income first-time homebuyers.
Details: 3% simple interest, deferred payment loan with a 30-year term and a
maximum loan amount of $80,000. Requires a 1% minimum down payment from
the buyer. Total sales price cannot exceed 85% of the Orange County median
sales price. Homebuyer education workshop required.
Homeownership Program (Orange County Housing Authority - OCHA)
What it is: Allows qualified Housing Choice Voucher (HCV) participants to use
their housing assistance subsidies for mortgage payments instead of rent.
Eligibility: First-time homeowners meeting specific qualifications and
pre-approved by a lender.
Single Family Housing Repair Loans & Grants
(USDA Rural Development - Section
504 Home Repair program):
What it is: Loans to very-low-income homeowners to repair, improve or
modernize their homes (up to $40,000) or grants to elderly very-low-income
homeowners to remove health and safety hazards (up to $10,000 lifetime limit).
Loans and grants can be combined (up to $50,000).
Who can apply: Homeowner must occupy the house, be unable to obtain
affordable credit elsewhere, have household income below very low limit, and (for
grants) be 62 or older. Must be in an eligible rural area (check USDA Eligibility
Site).
Details: Loans are 20-year term at 1% fixed interest. Grants must be repaid if
property is sold in less than 3 years.
DISCLAIMER
Visit equitysmartloans.com. Rates, Fees and Programs are subject to change without notice. This is not a guarantee or a commitment to lend. Some products may not be available in all states. Not all applicants qualify for financing, subject to review of credit/collateral. Equity Smart Home Loans NMLS#: 856170 DRE#: 01906808 Headquarters: 1499 Huntington Dr Suite 500, South Pasadena, CA 91030, (323) 258-4317