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First Time Homebuyer Programs & Assistance in Orange County California

Buy a home in Orange County

WHY BECOME A HOMEOWNER?

Income Tax Savings: The government subsidizes your home purchase. It allows you to fully deduct all of the mortgage interest and property taxes paid through the year on your tax return. Home ownership is an incredible tax shelter that can save you thousands on your taxes.

 Savings for The Future: Every month a portion of your payment goes to principal reduction of your loan. As your loan balance gets smaller, your equity grows. Homes also typically appreciate in value when they are kept up. It depends on your location, but appreciation historically averages about 5% per year. Many people view owning a home one of the best financial decisions and a hedge against inflation.

The Pride of Ownership: This is undoubtedly the number one reason people buy homes. They want the freedoms that go along with home ownership. That means you can paint the walls any color you desire, you can make changes to fixtures and decorate to your taste. It gives your family a sense of security and stability knowing that you no longer have to move every year. You are making an investment in your future.

There are California and City down payment assistant programs that aren’t widely advertised. Even most Mortgage Brokers, Real Estate Agents, and Lenders don’t know these programs exist or couldn’t tell you who you need to contact to find out about them. Cal HFA (California Housing and Finance) loans are widespread, but there are many banks and lenders that do not work with this type of loan.

NeighborWorks Orange County

Great place to start if you are planning to buy a home for the first time. Whether it’s setting up savings plans, helping a customer find a matching down payment assistance program, or learning more about caring for a home long-term, they are with you for the whole process.

https://nwoc.org/

City of Buena Park:

The City of Buena Park First-Time Homebuyer Program provides assistance to first-time homebuyers through a deferred 30-year second mortgage loan of up to a maximum of $60,000 at 3% simple interest. The funds may be used toward the purchase of a single-family home or condominium/townhome in Buena Park. The borrower must provide a minimum 3% down payment to participate in the program. This program utilizes CalHome funding and is limited to those at or below 80% of the Area Median Income of Orange County as determined by HUD. 

City of Buena Park 6650 Beach Boulevard Buena Park, CA 90621 For additional information, please contact Jessica Fewer, Management Assistant , at (714) 562-3590

https://www.buenapark.com/city_departments/economic_development/housing_programs

City of Anaheim: Downpayment Assistance

The Community & Economic Development Department implements a variety of programs to foster a better quality of life. These programs create new residential opportunities, revitalize neighborhoods and create job training opportunities. Click here for more information.

City of Brea: Homebuyer Assistance Program

The city has in effect an Affordable Housing Ordinance, which requires most new residential developments to provide at least 10% of their units for sale at affordable below-market prices to qualified buyers. The city maintains a waiting list of applicants interested in this program. Completing and returning the Homebuyer Assistance Program application will place your name on the list for all affordable purchase opportunities, both current and future. Click here for more information.

City of Huntington Beach: Inclusionary Housing Program

The City provides for affordable low, median, or moderate income families through a City-wide Inclusionary Housing Program. Homes become available for purchase by eligible buyers when new developments are built or when existing homeowners decide to sell. Click here for more information.

City of Santa Ana: Homeownership Programs & Home Purchase Opportunities

The City of Santa Ana has programs to assist households to purchase homes. One option would be to apply for one of the City’s downpayment assistance programs. Another is to purchase an affordable home developed in partnership with a developer and the City and/or Redevelopment Agency. For all City homeownership programs, applicants must complete a pre-purchase homebuyer counseling program. Click here for more information.

City of Westminster: First Time Home Buyer Program

The Housing and Grants Division of the Community Development Department is committed to providing programs and services designed to improve Westminster neighborhoods and the community’s supply of affordable housing for all residents. Utilizing multiple funding sources, the division offers a variety of tools residents can use to improve their homes and neighborhoods. Click here for more information. Click here for a brochure of the program.

National Homebuyers Fund:

NHF  is available in most U.S. states and qualifying guidelines are flexible. The assistance may be forgiven immediately, after a short period of years, or have repayment requirements, depending on the Program.

http://www.nhfloan.org/programs.html

FHA Grants

The most recognized 3.5% down payment mortgage in the country. Affordable payments w/good credit

https://www.fha.com/fha-downpayment-grants