HOME BUYER ASSISTANCE PROGRAM
AS OF NOVEMBER 7, 2008 ALL
FUNDING FOR THE 08-09 FISCAL YEAR HAS BEEN EXPENDED AND
THE PROGRAM IS NOW CLOSED. ADDITIONAL FUNDING IS NOT
ANTICIPATED UNTIL APPROXIMATELY AUGUST 2009. PLEASE CONTINUE
TO CHECK HERE FOR UPDATED INFORMATION. THANK YOU FOR
YOUR INTEREST.
**Please review the documents at the bottom of this page
for details on how to apply and submit a reservation
request package.**
The Homebuyer Assistance Program provides
deferred 45 year second mortgages to low and moderate
homebuyers for purchase of a single family detached home,
condominium or townhome in the City of Costa Mesa. The
maximum loan amount is determined on an annual basis
by property type and is currently capped at $237,000
for a single family detached home and $115,000 for a
condominium or townhome. This second mortgage helps to
bridge the gap between the first mortgage and the purchase
price of the home, and is based on the current median
for incomes and home prices.
To be eligible for the Program, applicants 1) cannot
have had ownership interest in a property within the
past three years; 2) must have enough funds in savings
to contribute three percent (3%) of the purchase price
as a downpayment; and 3) must be planning to purchase
a primary residence in the City of Costa Mesa that does
not exceed $540,000* in price. Additionally, applicant's
gross household income cannot exceed 120% of the Area
Median Income for their appropriate household size. Current
income limits* are as follows:
| 1 person |
$70,600 |
| 2 person |
$80,700 |
| 3 person |
$90,800 |
| 4 person |
$100,900 |
| 5 person |
$109,000 |
| 6 person |
$117,000 |
| 7 person |
$125,100 |
| 8 person |
$133,200 |
* Income limits and purchase price are subject to change.
Additional restrictions apply. For full Program criteria please download the below document:
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