First Home Buyers, Residents of Santa Ana, California may qualify for a Down Payment Assistance Loan Program..! The program is funded through the City of Santa Ana Inclusionary Housing Fund and Community Development Block Grant program.
The City is offering down payment assistance loans to first-time home buyers to provide assistance in the purchase of a home within the City of Santa Ana. Funds will be made available on a first-come, first served basis. A first-time home buyer may be eligible to borrow up to $80,000 with a 0% interest rate.
To become eligible borrowers must be a first time home buyer. This means not having any title or ownership interest in a residence in the last 3 years. This program is for residents living in Santa Ana, California or people working at least 32 hours per week in the last 6 months.
The Program offers zero percent, deferred payment loans of up to $80,000 for Low-Income Households and up to $40,000 for Moderate Income Households.
The candidates must have:
• Had a positive credit history
• Enough savings, in a 90-day seasoned fund, to pay at least 3% of the home value he, she expects to live.
• Been pre-qualified for a fixed rate 1st Mortgage Loan.
• Completed a minimum of eight (8) hours of in-person homeownership training offered by a counseling center approved by the U.S. Department of Housing and Urban Development (HUD).
This program is for families whose income, effective June 28, 2019, cannot exceed the income limits established below:
The conditions of the downpayment assistance loan program are:
• 0% interest rate
• The borrower will occupy the residence for the life of the loan.
• Repayment of the City loan principal balance will be required at the end of the 45-year term of affordability.
If the candidate homebuyer has graduated from a high school located in Santa Ana and has a 4-year college degree is eligible for loan forgiveness up to $40,000 ($10,000 will be forgiven every five (5) years up to a twenty-year period)
To learn more about Santa Ana’s Down Payment Assistance Loan Program, please visit the Downpayment Assistance Program or call 714-667-2250.