Down Payment Assistance options for Orange County, CA

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Orange County is one of the most expensive real estate markets in the United States and this fact discourages many families from taking action.

The great news is there is help!

Neighborworks is a local HUD approved nonprofit that offers some great programs for first time home buyers. These programs help people with down payment & closing cost assistance.

Any potential buyer must meet the following minimum down payment assistance requirements

  • Must be a fist time home buyer
  • Property must be located in Orange County (except for WISH)
  • Must be with income limits
  • 3% required of borrowers own funds to be used for closing cost
  • The property must be owner occupied
  • The buyer or buyers must complete an 8-Hour Homebuyer Certification course (there may be a cost of $25 reimbursed after the purchase of a home)
  • Funds are available based on Household Income and Need
  • Total Liquid assets after escrow can not exceed $5,000.
  • First come first serve basis with a fully executed purchase

The four programs are the following

The CalHome Loan Program.

  • 20% of pUrchase price, up to $57,500
  • Maximum Household income not to exceed 80% AMI (average Median Income)
  • Down payment Assistance
  • Deferred Principal and Interest payment
  • Due in 3030- years or sooner if borrower defaults on any of the provisions

IDEA (Individual Development Empowerment Account)

  • Up to $15,000 Matching grant (3:1)
  • Maximum Household Income 80% AMI
  • Down payment and or closing cost
  • Forgivable after 5 years
  • 10 Months saving plan
  • First mortgage with approved lender only

WISH

  • Up to $15,000 Matching grant (3:1)
  • Maximum Household Income 80% AMI
  • Down payment and or closing cost
  • Forgivable after 5 years
  • First mortgage with approved lender only
  • Available anywhere in California

NSP 2

  • 30% of purchase price up to $80,000
  • Maximum household income 120% AMI
  • Based on need, minimum loan amount $3,000
  • Deferred Principal and payments
  • Due in 3030- years or sooner if borrower defaults on any of the provisions
  • Property Specific

If you have any questions please call or text at 949-306-9260