Down payment assistance programs in Los Angeles and Orange County – Essex Mortgage

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Down payment assistance programs in Los Angeles and Orange County

Down payment assistance programs in Los Angeles and Orange County

Can your client get help with the down payment on that new dream home? You need to know.

Down payments assistance can save buyers as much as $17,000 over the life of the loan and can make it easier and more affordable to get into the home they really want instead of settling on what they think they can afford.

And yet, many potential buyers are not even aware that they may qualify for assistance, leading them to make decisions on limited information that may mean leaving money on the table. They look to you as their real estate agent to answer those unasked questions and inform them about what they may be missing.

Down Payment Assistance for Buyers in Los Angeles and Orange County

NeighborWorks of Orange County

NHS OC’s NeighborWorks® is a nonprofit committed to tackling the high cost of real estate in the area by helping those who qualify with Down Payment Assistance programs. They have several programs that work to meet different buyer needs.

For those who are 80% or less the area’s median income, there are the following:

  • IDEA and WISH provide down payment and/or closing cost assistance of up to 15,000 to be forgiven over a 5 year period, but have slightly different qualifications.
  • CalHome provides up to $57K toward this purpose with deferred payments to be paid in full within 30 years.

For those up to 120% of the area’s median income a program is still available:

  • NSP2 provides up to $80K with deferred payments to be paid in full within 30 years.

And finally for those with an income at or below 160% AMI

  • Keys to Door offers $40K without deferred payments to be paid over a 30 year period.

Orange County Mortgage Assistance Program (MAP)

MAP provides a deferred down payment assistance loan to first time home buyers. Buyers must meet requirements by being a first time buyer, having no greater than the maximum income and completing a training course.

Affordable Housing Partnership Program (AHPP)

This is a joint effort between CALHFA and cities, counties and redevelopment agencies that can provide a qualifying first time home buyer with a deferred payment loan to help with the down payment and closing costs.

California Homebuyer’s Down payment Assistance Program (CHDAP) 

This program is a sister program for AHPP, but allows for a much smaller assistance payment in the form of 3% of the sale price, but unlike the AHPP, the buyer will not have to pay the amount back until they sell or refinance.

City of Buena Park First Time Home Buyer Program 

Several of the cities in the area have their own programs of which we’ll look at Buena Park as an example. They offer deferred payment down payment assistance for those first time home buyers who are buying a home in Buena Park. Income must not exceed 80% of the median in the area. The purchaser must contribute at least 3% to qualify.

Los Angeles Home Ownership Program (HOP)

This program is designed to help low-income buyers purchase a home. It is funded through HUD, a federal program with the same mission. For those who qualify it offers a 0% interest deferred payment loan that is due when the home is sold, transferred, refinanced, rented out or 1st mortgage is paid off.

Please see websites for additional details about these programs as they may change or have further qualification guidelines.

Contact Essex Mortgage today to get your client pre-qualified and put that down payment assistance to work for your client.

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