Prospective buyers must meet income requirements for Orange County and cannot exceed 120% of the Area Median Income, based upon household size, set for Moderate Income Households as determined by the Department of Housing and Urban Development (HUD).
In Buena Park, this means your household income for 2011 must be lower than these amounts:
For families of 4 people: Total household income may not exceed $101,150.
For families of 5 people: Total household income may not exceed $109,150.
For families of 6 people: Total household income may not exceed $117,250.
Once you have determined that your family income qualifies, the following requirements and agreements regarding occupancy of the home, credit worthiness and ability to obtain a mortgage, including having the necessary funds for the down payment and closing costs will be evaluated.
• Applicant must occupy the Affordable Unit as their primary residence.
• Applicant cannot own other real property if purchasing an Affordable Unit.
• Applicant must meet program income eligibility.
• Applicant must provide sufficient documentation of income to determine the Applicant’s income level.
• Applicant family size must be four (4) persons or more.
• Total household income is the total income of all adult members of the household (age 18 years and older).
• A household or family includes Applicant, Co-applicant, and all other persons who have lived in the same household for all or part of the immediate preceding 12 months and will make the Affordable Unit their primary residence for all or part of the 12 months immediately following the close of escrow for the Affordable Unit.
• Applicant must have sufficient creditworthiness to qualify for a first mortgage as determined pursuant to participating lender’s underwriting (debt ratios, credit history, etc.).
• Applicants must provide a minimum of three percent (3.5%) of the Affordable Sales Price in the form of down payment plus any associated closing costs in order to receive a first mortgage loan from a participating lender.
• The Applicant/buyer is responsible for all closing costs related to the purchase, which may include title fees, escrow fees, loan origination fees, etc. These costs could be between 2% to 3% of the Affordable Sales Price.
• Final eligibility and approval of an Applicant to purchase an Affordable Unit are subject to Applicant meeting all required criteria to participate in the program and compliance with the restrictions in the Grant Deed and in the Affordability Restrictions on Transfer of Property. All such determinations are final.
Still interested and ready to get started?
We have prepared an Official Application that will guide you through the process to determine your family’s eligibility and priority among participants, so the next steps are yours. Remember, time is of the essence and we are here to help in any way.
Please contact Jesse Flores at (714) 493-6723 to get more information about the eligibility requirements.