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RDA PROGRAMS

HOME BUYER ASSISTANCE PROGRAM

ALL FUNDING FOR THE CURRENT FISCAL YEAR HAS BEEN EXPENDED AND THE PROGRAM HAS BEEN SUSPENDED FOR THE 09-10 FISCAL YEAR DUE TO INSUFFICIENT FUNDS. IT IS ANTICIPATED THE PROGRAM MAY RE-OPEN IN AUGUST 2010 BUT PLEASE CONTINUE TO CHECK THIS WEBSITE 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:

 

 
© 2002 Costa Mesa Redevelopment Agency - 77 Fair Drive - PO Box 1200 - CA.92628-1200