$100,000 for Huntington Beach First Time Buyers – Surf City Announces New Program
Last week, Huntington Beach rolled out a new First Time Home Buyer Program, offering up to $100,000 to qualified First Time Home Buyers.
The basics are of the Huntington Beach First Time Buyers’ program are as follows:
- No ownership interest in last 3 years
- Income qualify
- Maximum purchase price $515,000
- No payments and no interest for 45 years.
- Minimum 3% down
- Owner occupied only
- Equity sharing
- Maximum of 20% of purchase price
Additional information on Huntington Beach First Time Buyers’ program:
INCOME QUALIFICATIONS
1 person – $72,300
2 people – $82,650
3 people – $92,950
4 people – $103,300
EQUITY SHARING
The Huntington Beach First Time Buyer program requires that the buyer give an equity share to Huntington Beach in the same percentage as the City provided to the buyer for the second.
Ex. Purchase price of $100,000. City provided $20,000. Buyer sells property for $200,000. Buyer owes City $20,000 as its equity share, plus the $20,000 for the loan.
The equity sharing portion owed to the City declines over the years.
Years 1-7 Equity share = 100%
Years 8-12 Equity share = 75%
Years 13-17 Equity share = 50%
Years 18-22 Equity share = 25%
Years 23-30 Equity share = 10%
31 years plus – Equity share is forgiven
ADDITIONAL INFORMATION
If borrower, refinances, moves out, or sells, the loan will likely be due to the City, though exceptions may apply.
Maximum amounts of loan based on bedrooms:
1 bedroom – $50,000
2 bedroom – $75,000
3 bedroom – $100,000
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
For more information about the value of a Huntington Beach home, please visit Huntington Beach real estate values.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
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Copyright © 2009 by Christine Donovan, All Rights Reserved. $100,000 for Huntington Beach First Time Buyers – Surf City Announces New Program