Item 10 - Fiscal Year 2023-24 Homeownership Initiatives

Home Browse Search

Exhibit 2 CITY OF SANTA ANA My First Home Program GUIDELINES The Program offers zero percent, deferred payment loans up to a maximum of $120,000. Homebuyer Assistance funds can help meet both a borrower's down payment and closing cost requirements. FUNDS ARE LIMITED - FIRST COME, FIRST SERVE Eligibility Requirements • Borrower(s) must be a first time homebuyer who has not owned a home during the three- year period before the purchase of a home with Program assistance, except that the following individual or individuals may not be excluded from consideration as a First -Time Homebuyer under this definition: (A) A displaced homemaker who, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse. A displaced homemaker is an adult who has not within the preceding two years worked on a fulltime basis as a member of the labor force for a consecutive 12-month period and who has been unemployed or underemployed, experienced difficulty in obtaining or upgrading employment, and worked primarily without remuneration to care for his or her home and family; (B) A single parent who, while married, owned a home with his or her spouse or resided in a home owned by the spouse. A single parent is an individual who is unmarried or legally separated from a spouse and has one or more minor children for whom the individual has custody or joint custody, or is pregnant. • Total Annual Income of the household, meaning all persons residing in the home as their principal place of residence, cannot exceed the income limits established below: Household Size Low Income* Moderate Income 1 $80,400 $107,350 2 $91,850 $122,700 3 $103,350 $138,000 4 $114,800 $153,350 5 $124,000 $165,600 6 $133,200 $177,900 7 $142,400 $190,150 8 $151,550 $202,400 *Loans funded with CalHome funds are restricted to Low Income limits as set by the State of California Department of Housing and Community Development • Complete a minimum of eight (8) hours of in -person homeownership training offered by a counseling center approved by the U.S. Department of Housing and Urban Development (HUD).