SOUTHERN CALIFORNIA HOME FINANCING AUTHORITY Single-Family Mortgage Revenue Bond Program For First-Time Homebuyers

Broadview Mortagage Katella is pleased to announce that we are participating in a NEW first time homebuyer program available in Orange and Los Angeles Counties beginning February 2nd, 2010

ABOUT SCHFA

Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to issue tax-exempt mortgage revenue bonds for low- and moderate-income First-Time Homebuyers.  To date, SCHFA has helped thousands of individuals and families fulfill their dreams of owning their own home through its First-Time Homebuyer Program.  This program makes purchasing a home more affordable for qualifying homebuyers by offering below-market interest 30-year fixed rate loans.

The program is administered by the Los Angeles County Community Development Commission (CDC) and the Public Finance Division of the County of Orange. SCHFA does not lend money directly to homebuyers. Homebuyers must work directly with a participating lender.

PROGRAM DETAILS

First-Time Homebuyer Requirement
A first-time homebuyer is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years unless you are buying a home in an IRS Designated Targeted Area Census Tract.

Eligible Areas in Los Angeles County
All unincorporated areas and incorporated cities in Los Angeles County except the City of Los Angeles areas.

Eligible Areas in Orange County
All unincorporated areas and incorporated cities in the County of Orange.

Property Types
Single-Family Residences, Condominiums, Townhomes and Planned Unit Developments.

INTEREST RATES/LOAN TERMS

INTEREST RATES (Subject to Change Without Notice)

Effective 02/02/2010

LOAN TYPES
FHA,VA

DOWN PAYMENT AND CLOSING COST ASSISTANCE*
The program provides down payment and closing cost assistance in the form of a gift equal to 3.0% of the first loan amount.

REFINANCE OF EXISTING ADJUSTABLE RATE MORTGAGE LOANS
Homeowners with an existing adjustable rate first mortgage loan made between 2002 through 2007 may be eligible to refinance their loan to a 30-year fixed rate loan at 4.70%.  Some restrictions apply.

INCOME AND PURCHASE PRICE LIMITS

Maximum Income Limits Los Angeles County

Maximum Income Limits Orange County

Maximum Purchase Price Limits Los Angeles and Orange County

IRS DESIGNATED TARGETED AREA CENSUS TRACTS

What is an IRS Designated Targeted Area?

Areas that are “targeted” by the Federal Government were identified in the 2000 Census as areas in California where 70 percent of the families who live there earn an income that is 80 percent or less than the statewide median income. You do not have to be a First-Time Homebuyer if you purchase a home in an IRS Designated Target Area Census Tract.

Click on this link below if you have an address and would like to find out if the subject property is located in a Targeted Area.
http://www.ffiec.gov/Geocode/default.aspx

Los Angeles County IRS Designated Targeted Area Census Tract List

Orange County IRS Designated Targeted Area Census Tract List

HOW TO GET STARTED

• If you are ready to purchase a home and think you are qualified for the program, please contact Broadview Mortgage by completing the Quick Apply form below.
• The lender will determine your eligibility based on program criteria.
• After you have been pre-qualified you may begin to shop for a home.
• Funds may be reserved for you if you have been pre-qualified and have a properly executed purchase contract (subject to available funds).

Other articles about this topic that might interest you:

1. National Homebuyers Fund – ACCESS Program for Down Payment Assistance and Closing Costs Program Summary The National Homebuyers Fund is a non profit organization. The ACCESS program is desinged to help low and...
2. CalHFA Announces 100% Financing, Discount Rates, Discount PMI on Bank Owned Homes in Hardest Hit California Cities – CalHFA Community Stabilization Home Loan Program This information can be found on the CalHFA Website Here This conventional first mortgage loan program features a below...
3. Neighborhood Housing Services of Orange County (NHSOC) – Orange County Housing Trust Down Payment Assistance Program The 30-year amortized loans will have an interest rate approximately 1% below the market rate for first mortgages. (Current second...

Tagged as: california home financining authority, closing cost assistance, down payment assistance, first time homebuyer, mortgage revenue bond program, single family