JT20B - CALHOME REHAB & REPLACE - Laserfiche WebLink

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CALHOME REHABILITATJ:ON AND REPLACEMENT PROGRAM The CalHome Rehabilitation and Replacement Program will in accordance with the requirements of the State of CalHome Program and Community Redevelopment Agency of Santa Ana Tax Increment Housing Set Aside funds. be operated California, the Ci ty of Eligible Borrowers · Borrower(s) must be the owner(s) of a single-family home, or of a manufactured home that is permanently affixed to a space in a legal, properly permitted manufactured housing park. Properties must be located in a CDBG eligible census tract in the City of Santa Ana. · Manufactured homes must be designed for long-term occupancy. Vehicles designed for recreational purposes do not qualify. · Total annual income must be at or below 80 percent of area median income, as published by the U.S. Department of Housing and Urban Development and the California Department of Housing and Community Development. Effective March 15, 2004 the maximum household incomes are as follows: Household Size 1 2 3 4 5 6 7 8 Maximum Income 40,250 46,000 51,750 57,500 62,100 66,700 71,300 75,900 · The after rehabilitation value of single family homes cannot exceed 100% of the current median sales price of single family homes in Orange County. Determination of that sales price will be made at the start of underwriting. · Borrower (s) must occupy the home as their principal residence, and shall not lease or rent the property during the term of their loan. · Borrowers must have a current credit history that demonstrates prudent use of debt and a commitment to meeting financial obligations. For single family homes, total debt on the property, including the rehabilitation loan, cannot exceed 90 percent of the after rehabilitation value of the home. EXHJ:BJ:T 1 Page 1 JT208-4