This program provides a 20% (up to $100,000) silent (deferred payment) downpayment assistance loan to moderate-income first-time homebuyers purchasing in the City of Huntington Beach.
Homebuyer Requirements
- Must be a first-time homebuyer
- Must meet household income limits
- Must be a U.S. Citizen or Permanent Resident Alien
- Must contribute 3% and maximum 20% of purchase price from own funds
- Must complete homeownership education seminar
See Program Summary 2009 for more details
Income Limits
Maximum combined household income for all adults over 18 years old must not exceed the following:
|
Household Size |
Income |
|
1 |
$72,300 |
|
2 |
$82,650 |
|
3 |
$92,950 |
|
4 |
$103,300 |
|
5 |
$111,550 |
|
6 |
$119,850 |
|
7 |
$128,100 |
|
8 |
$136,350 |
Equity Share
There is an equity sharing component to this program. If the home purchased using the downpayment assistance loan is re-sold within 30 years, the principal amount of the loan and applicable equity share will be repaid to the City of Huntington Beach. The equity share percentage is proportional to the percentage of the downpayment assistance (no more than 20%). The equity sharing payment will be forgiven if the borrower owns and occupies the property for the first 30 years of the 45 year term; after 30 years, only the principal amount of the loan must be repaid. Prior to loan closing, the borrower is required to enroll, attend, and participate in a one-on-one housing counseling session with the City of Huntington Beach staff to discuss the equity share requirement.