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CITY OF SANTA ANA <br />MY FIRST HOME SANTA ANA LOAN PROGRAM <br />PROGRAM GUIDELINES <br />The Program offers zero percent, deferred payment loans of up to $120,000 for Low Income <br />Households and up to $80,000 for Moderate Income Households based on need and funding source. <br />Homebuyer Assistance funds can help meet both a borrower’s down payment and closing cost <br />requirements. <br />FUNDS ARE LIMITED – FIRST COME, FIRST SERVE <br />Eligibility Requirements <br />o Borrower(s) must be a first time homebuyer (a person with no ownership interest in, or <br />who has not held ‘title’ to a principal residence during the three-year period preceding the <br />purchase of the property). <br />o Borrower(s) must be a resident of Santa Ana and/or work in Santa Ana at least 32 hours <br />per week for at least the last 6 months, with an exception for U.S. military veterans. <br />o Total Annual Income of the household, meaning all persons residing in the home as their <br />principal place of residence, cannot exceed the income limits established below: <br />Household Size Low Income Moderate Income <br />1 $ 75,300 $89,650 <br />2 $ 86,050 $102,450 <br />3 $ 96,800 $115,250 <br />4 $ 107,550 $ 128,050 <br />5 $ 116,200 $ 138,300 <br />6 $ 124,800 $ 148,550 <br />7 $ 133,400 $ 158,800 <br />8 $ 142,000 $ 169,050 <br />*As of April 2017, subject to change on an annual basis <br />o Complete a minimum of eight (8) hours of in-person homeownership training offered by a <br />counseling center approved by the U.S. Department of Housing and Urban Development <br />(HUD). <br />o Must have at least three percent (3%) of the purchase price for a down payment from <br />buyer’s own funds (at least 90 days seasoned). Three most-recent bank statements are <br />required to verify seasoned funds. Seasoned funds cannot be from gift funds. Gift funds <br />may contribute towards the purchase; gift funds may not exceed 3% of purchase price.o Must have a positive credit history and obtain a fixed-rate first mortgage. Co-signers and <br />variable rate loans are not allowed. <br />Use of Loan Proceeds <br />o Loans of up to $120,000 for Low Income Households and up to $80,000 for Moderate <br />Income Households will be approved based on need. Loan amounts will be based on <br />underwriting front -end ratios of not less than 28 percent. Maximum debt-to-income ratios <br />cannot exceed 38/43. <br />EXHIBIT 1