Updated 3/6/09: I called today, funding is available
For most applicants, down payment assistance is provided in the form of a secured subordinate mortgage with contingent, deferred interest in the form of an equity share in the property. Loan proceeds may only be used toward the purchase of a single family home, condominium, or townhome located within the City of Port Hueneme. Eligible Borrowers are low or moderate income first time buyers, regardless of the city of current residency.
Loan Amount. The City’s down payment assistance is designed to serve as gap financing. The loan amount is computed as the difference between the largest first trust deed mortgage deemed affordable to the Borrower by the participating lender and the Borrower’s down payment. The maximum assistance available under HBAP is different for low and moderate income Borrowers. In any case, the HBAP loan amount may not exceed the lesser of the following:
* 20% of the purchase price
* 20% of the appraised value
*$60,000
First Time Buyer. A first time buyer is defined as a person who:
* Has not owned a home inside or outside the U.S. in the past three years.
* Has previously owned a home with a spouse, but no longer holds title due to a divorce.
* Has owned a home not permanently affixed to a foundation (a mobile home).
Income Limits. Household income includes gross wages before deductions, tips, bonuses, commissions, unemployment, social security, SSI, pensions, CalWorks, child support, alimony, disability payments, workers compensation, rental income, interest and dividend income, plus net income from owning or operating a farm or business, and any other income received regularly. Income of all persons over 18 years of age in the household must be included in the computation of household income, even if some adult members of the household will not be signatory to the first or second mortgage.
Down Payment. The Borrower must contribute a minimum of 5% of the purchase price. At the discretion of the participating lender, all or part of the minimum down payment may be gift funds. Larger down payments will be required where buyers would otherwise retain liquid or convertible assets of more than $10,000 after closing costs.
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