2/24/2007

First Time Homebuyers in Los Angeles and Orange Counties

There is a NEW First Time Buyer Program Available, through funds raised by Realtors and their Pacific West Association of Realtors who have contributed over $300,000 to this program--the “Opening Doors” program applications are available as of Monday, 2/25/2007. If you, or a member of your family or one of your friends, is a first time buyer, they may be able to take advantage of a new program that will give $5,000 up to $15,000 towards down payment costs.

Yes, there are guidelines and here are some basic guidelines:

Current upper sales price limits are $568,601 (non-targeted) for Orange County and $564,264 (non-targeted) for Los Angeles. Targeted areas have higher sales prices (geographic areas and income qualifications defined by California Housing Finance Agency).

Property areas must be within Anaheim, Anaheim Hills, Brea, Buena Park, Cypress, Fullerton, Garden Grove, La Habra, La Habra Heights, La Mirada, La Palma, Lakewood, Long Beach, Los Alamitos, Norwalk, Orange, Pico Rivera, Placentia, Rossmoor, Santa Ana, Seal Beach, Signal Hill, Stanton, Tustin, Villa Park, Westminster, Whittier, and Yorba Linda and nearby county areas.

Income limits generally are: Current limits for Orange County are $97,320 (1-2 persons) and $113,540 (3+ persons), and for Los Angeles County are $83,160 (1-2 persons) and $97,020 (3+ persons).

Minimum FICO score of 620 for all applicants.

This program is designed to help people who want to buy. For more detailed information, a lender referral, active listings, or an application form, please contact me immediately!
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