Brea’s Homebuyer Program & Down Payment Assistance!

Homeownership has long been a dream for many individuals, but the rising costs of housing can often make this goal seem out of reach.

However, there is hope for those struggling with affordability in Brea, thanks to the Homebuyer Program & Down Payment Assistance. This program is specifically designed to make homeownership a reality for low to moderate-income households, offering a unique opportunity to purchase affordable housing in new residential developments.

The Brea Homebuyer Program & Down Payment Assistance provides a range of benefits that aim to ensure long-term affordability for qualified buyers. One of the key features of this program is the income limits, which vary based on household size. This ensures that those who meet the eligibility criteria can access affordable housing options that are tailored to their specific financial circumstances.

Additionally, the program includes a provision that entitles the city to a portion of the profit if an affordable unit is sold within 45 years. This ensures that the affordability of these homes is preserved over the long term, providing reassurance to buyers that their investment will remain affordable well into the future.

With the Brea Homes Program & Down Payment Assistance, the dream of owning a home becomes more attainable for individuals and families who may have previously felt priced out of the market. By providing financial support and long-term affordability measures, this program unlocks opportunities for those with a desire for homeownership.

Whether you are a first-time buyer or looking to upgrade your living situation, the Brea Homebuyer Program & Down Payment Assistance offers a pathway to affordable homeownership that can help make your dreams a reality.

What does the program offer?

The Homebuyer Program in Brea offers affordable housing opportunities by requiring 10% of units in new residential developments to be sold at affordable prices. This program aims to increase the availability of affordable housing options for individuals and families in the community.

By mandating a percentage of affordable units in new developments, the program ensures that a diverse range of housing options is available to residents, regardless of their income level.

In addition to the affordable housing requirement, the Homebuyer Program also places affordability covenants on homes purchased through the program. These covenants ensure that the homes remain affordable for a set period of time, typically 45 years. If an affordable unit is sold for profit within this timeframe, the city is entitled to a portion of the profit. This helps to maintain the long-term affordability of the housing units and ensures that they continue to benefit low- and moderate-income households.

Furthermore, the program offers down payment assistance through the Orange County Housing and Community Services Department. This assistance can help eligible homebuyers overcome the financial barrier of a down payment, making homeownership more accessible and affordable.

By providing this support, the program aims to empower individuals and families to achieve their dream of homeownership while maintaining the economic diversity of the community.

Overall, the Homebuyer Program in Brea provides a range of benefits and opportunities for affordable homeownership, helping to create a more inclusive and equitable housing market.

Application and Eligibility

Applicants must complete the Homebuyer Program Application and meet the eligibility requirements to be considered for the affordable housing program in Brea.

The application process involves completing the Homebuyer Program Application, which can be obtained from the Housing Information Kiosk. The application packet includes frequently asked questions and provides detailed information about the program. It is important to note that completing the application places your name on the interest list maintained by the city.

In addition to the application, there are income requirements that applicants must meet. Income limits vary based on household size, and the maximum allowable gross income is determined based on income figures for Orange County in 2023, which are updated annually. These income limits ensure that the program is targeted towards those who truly need affordable housing. It is important for applicants to review the income requirements and ensure that they meet the criteria before submitting their application.

By completing the application and meeting the income requirements, applicants have the opportunity to unlock affordable homeownership through the Brea Homebuyer Program.

Down Payment Assistance

Down payment assistance is provided by the Orange County Housing and Community Services Department to support eligible individuals in their pursuit of affordable housing in Brea.

This program aims to help potential homebuyers who may not have enough funds to cover the initial down payment required for purchasing a home. By offering financial assistance, the program seeks to make homeownership more accessible and attainable for low to moderate-income households.

To qualify for down payment assistance, applicants must meet certain criteria set by the Orange County Housing and Community Services Department. These criteria may include income limits, creditworthiness, and completion of a homebuyer education program. The specific requirements may vary depending on the individual’s household size and the funding available at the time of application.

The availability of funding for down payment assistance programs can vary, depending on the resources allocated by the Orange County Housing and Community Services Department. It is important for potential homebuyers to stay informed about the availability of funds and any updates to the program requirements. By regularly checking the department’s website or contacting their office, individuals can ensure they have the most up-to-date information on how to qualify for down payment assistance and the availability of funding.