Santa Ana is expanding its $ 1.2 million loan assistance program to help first-time homebuyers acquire homes within the city. Recipients can get their loans with zero interest fees.
“Buying a home is not easy these days, so we are thrilled to provide additional assistance to the residents of Santa Ana so that they can take root here in our community,” Mayor Vicente Sarmiento said in a November 23 statement.
Additional funding for the program was made possible by the Inclusive Housing Fund, which was raised through contributions from developers to help get affordable housing, Santa Ana spokesman Paul Eakins told The Epoch Times.
Since the early 1990s, Santa Ana has provided upfront assistance, with funding changing over time.
“The program has helped many families over the past 30 years,” Eakins said.
In fiscal 2019-2020, 11 households in the city benefited from the program, and more households are expected to benefit this year.
Low-income households can receive up to $ 120,000 in installments. Middle-income households can earn up to $ 80,000.
The limit for one low-income person is $ 75,300 and for one moderate-income person it is $ 89,650. Funding increases in proportion to household tenants.
Available funding will be provided on a first come, first served basis.
To be eligible, residents must meet the following requirements:
—Worked in Santa Ana at least 32 hours a week for the past six months;
– current resident of Santa Ana;
—Complete minimum hours of home ownership training;
—Have a three percent down payment;
—Provide three recent bank statements;
—Pre-qualifying for mortgages with good credit history; and
– Comply with the city’s gross annual income limits.