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:
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