Orange County Home Buyer Resources

Mortgage Credit Certificate (MCC) Tax Credit Program

Use 20% of your mortgage interest as a Federal tax credit!

The CalFHA Mortgage Credit Certificate functions as a Federal tax credit, reducing the buyers' potential Federal income tax liability. In effect, this creates additional net spendable income, which borrowers may use toward their monthly mortgage payment. This enables first-time borrowers to convert a portion (currently 20%) of their annual mortgage interest into a direct income tax credit on their US individual income tax return for the life of the loan! The amount of the MCC credit cannot exceed the amount of a borrower's annual Federal income tax liability. Unused portions of the credit may be carried forward for up to 3 years.

 Read all about it here:(download .pdf file)

 

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Get up to $2,500 towards payment of HOA dues!

C.A.R.'s housing affordability Fund's Homeowners Association Grant program will provide qualified California first-time home buyers with up to 6 months of HOA dues (not to exceed $2,500.00). This program started in December, 2016 and is available on a first come basis. Home buyers must use a California Realtor and purchase a primary residence as a first-time buyer.

  Download the brochure here

 

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CalHFA offers a variety of loan programs to help you purchase a home in California. The mortgage programs include conventional and government insured loans. The down payment assistance programs include Myhome Assistance Program, which offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs. Also, CalPlus with zip, a 30-year mortgage with closing cost assistance, and the Extra Credit Teacher Home Purchase Program. This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools.

Read details here:http://www.calhfa.ca.gov/

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Southern California Home Financing Authority - First Home Mortgage Program

Assistance payment equal to 4% (non-repayable) of the note amount to apply toward down payment or closing costs. Cash back in not allowed. Eligible areas include all of Los Angeles County (excluding the City of Los Angeles), and all of Orange County. Income limit for Orange County - 1-2 Persons = $117,000 and 3+ Persons = $136,500. Income levels for Orange County - 1-2 Persons = $117,000 and 3+ Persons = $136,500

More on this program is here

 

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The GSFA Platinum Program was created to help low to moderate income homebuyers in California to purchase a home by providing down payment and/or closing cost assistance, currently in the form of a non-repayable grant. Since it began in 2010, GSFA Platinum has helped 17,000 people purchase homes, providing more than $ 146.5 million in grants.

Read more here: Down Payment Assistance

 

Yes, there are financial assistance programs for you as a first-time homebuyer! I can help you take advantage or one or more of these programs and put you in touch with the right mortgage lender. Your first home purchase is very important! Call me today to get started! 

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