Costa Mesa's Neighborhood Blog: $100,000 for Huntington Beach First Time Buyers - Surf City Announces New Program

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

$100,000 for Huntington Beach First Time Buyers - Surf City Announces New Program

$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.

 

Huntington Beach is Ready for New First Time 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

 

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!


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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.

Click Orange County homes for sale to view all OC homes for sale.

Copyright © 2009 by Christine Donovan, All Rights Reserved. $100,000 for Huntington Beach First Time Buyers -  Surf City Announces New Program 

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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.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

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.

Click Orange County homes for sale to view all OC homes for sale.

Comment balloon 11 commentsChristine Donovan • September 18 2009 01:15AM

Comments

Christine - This sounds like a great deal and if I was a first time home buyer I would be in my car driving down.

Robert

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) over 9 years ago

AR Bob - I'm wishing I was a first time buyer too : )

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) over 9 years ago

Christine,

Very cool.

I may give you a call and hit you up on this.

thanks for the post.

Posted by Ralph Gorgoglione, Hawaii and California Real Estate (800) 591-6121 (Maui Life Homes / Metro Life Homes) over 9 years ago

Hello Chritine, this is a very interesting post, I'm very sure you will get some buyers, I know other cities in orange county do the same.

Thanks for the info.

 

Posted by Carlos Morales (Re/Max Homes and Estates) over 9 years ago

Hi Christine, Good post. Thanks for sharing.

Best - Sash

Posted by Sasha Miletic - Windsor Real Estate (RE/MAX Preferred Realty Ltd.) over 9 years ago

What a wonderful deal for buyers Christine.  I wish they would give away houses to everyone, not just first time buyers. 

Posted by Brian Griffis (Realty Choice) about 9 years ago

Ralph - Let me know . . .

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) about 9 years ago

Carlos - There are several other cities that offer first time buyer programs.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) about 9 years ago

Sasha - You're welcome.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) about 9 years ago

Brian - It would definitely open things up, if the programs weren't just singling out first time buyers.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) about 9 years ago

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Lots of great tips here for people new to the market.  I wonder if there are others on this new site, http://www.firsthomeexperience.com/main/ that your readers might like. 

 

Could you take a look and let me know what you think about the info.  You’ll see stuff for buyers, realtors and some easy to enter contests.

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Posted by Erin about 9 years ago

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