Affordable Housing Clearinghouse (AHC) received $568,644 in National Stabilization Program (NSP) Funds to purchase real estate owned properties in Orange County. The purpose of the NSP program is to stabilize at-risk neighborhood communities from distress due to home foreclosures and neighborhood abandonment. AHC successfully rehabilitates and resells these homes in accordance to the housing quality standards as required by U.S Department of Urban Housing. After rehabilitation the properties are made available to qualified first-time homebuyers. If you are interested in this program please call us at (949) 859-9255.

Properties Available

For additional information on the properties available, please contact the listing agents.

Properties Available From Mary Erickson Community Housing

In addition to the properties listed above, there also is a property from one of our community partners, Mary Erickson Community Housing, a non-profit provider of affordable housing.

NSP 2014 Income Limits

NSP 1 Program Qualifications

Applicants must be income qualified (see Income Limits)

Minimum homebuyer contribution: 1% of purchase price from the applicants own funds, in addition to buyer’s customary closing costs

Maximum down payment assistance is up to 30% of purchase price of the home not to exceed $80,000

Assistance provided is 0% interest loan due in 15 years, 1 month (181 months); loan forgivable after 15 years if property remains owner occupied

Applicant must qualify with a lender for a 30-year fixed-rate loan – no adjustable rate mortgages (ARMs)

Affordability restrictions: 15 year minimum

Property purchased must remain owner occupied

Citizenship/Residency status required

Credit:

No min. credit score

No credit accounts past due at time loan is recorded

No outstanding unpaid judgments or involuntary liens

No bankruptcies

Homebuyer education required

NSP 2 Program Qualifications

Applicants must be income qualified (see Income Limits)

Minimum homebuyer contribution: 3% of purchase price from the applicants own funds

Maximum down payment assistance is $80,000, amount to be determined as needed

Assistance provided is 0% interest loan due in 30 years, 1 month (361 months)

Applicant must qualify with an approved lender for a 30-year fixed-rate loan – no adjustable rate mortgages (ARMs)

Affordability restrictions: 30 years

Property purchased must remain owner occupied

Citizenship/Residency status required

Homebuyer education required