Santa Ana is expanding a loan assistance program by $1.2 million to help first-time homebuyers purchase homes within the city. Recipients can receive their loans with a zero percent interest fee.
“Buying a home isn’t easy these days, so we’re thrilled to provide additional assistance to Santa Ana residents so they can sink roots here in our community,” Mayor Vicente Sarmiento said in a Nov. 23 statement.
The additional funding toward the program was made possible through the Inclusionary Housing fund, collected from developer fees to assist with affordable housing, Santa Ana spokesperson Paul Eakins told The Epoch Times.
Since the early 1990s, down payment assistance has been available in Santa Ana with the amount of funding changing over time.
“The program has helped many families over the last 30 years,” Eakins said.
In the 2019–2020 fiscal year, 11 households within the city benefited from the program and more are foreseen to be assisted this year.
Low-income qualifying households can receive up to $120,000 in partial payments. Moderate-income households can receive up to $80,000.
A one-person low-income household limit is $75,300, while a one-person moderate-income household limit is $89,650. Funding increases proportionally with household occupants.
Available funding will be granted on a first-come, first-served basis.
To qualify, residents must meet the following requirements:
—Have worked in Santa Ana for at least 32 hours per week for the past six months;
—A current resident of Santa Ana;
—Complete minimum hours of home-ownership training;
—Have a three percent down payment;
—Provide three recent bank statements;
—Pre-qualified for a mortgage with a good credit history; and
—Meet total annual income limits provided by the city.
