Buying Your First Home in Orange County

Landen Calvert-Nelson  |  May 16, 2024

Buying Your First Home in Orange County

Buying your first home in Orange County, California, can feel like stepping into a maze of uncertainty and complexity. From navigating the competitive housing market to understanding the intricate legal and financial processes, every step seems daunting. The region's reputation for high property prices adds another layer of anxiety, making aspiring homeowners wonder if their dream of owning a piece of Orange County is attainable. I am here to tell you that with the right resources, this goal is completely achievable. 

 

MAP

 

The county offers a Mortgage Assistance Program (MAP). For first time buyers, the program may provide assistance of up to $80,000 (may not exceed 20% of purchase price). Support comes in the guise of a silent second mortgage loan program, wherein both principal and interest payments are deferred for the duration of the loan term.To proceed, borrowers need to meet income and other program requirements and secure a first mortgage loan from a participating lender, alongside mandatory home buyer education.

 

WISH

 

Support for first-time home buyers: A 4-to-1 matching grant is also available through the WISH Program (Workforce Initiative Subsidy for Home ownership), encouraging home ownership prospects!

 

- Matching Grant Ratio: A 4-to-1 match is offered.

- Grant Forgiveness: After 5 years, 100% of the grant is forgiven if the buyer continues to reside in the property.

- Maximum Match: Up to $30,000 per household is provided.

- Eligibility Requirements: Applicants must be first-time home buyers and meet 80% of the median income limits, based on household size.

- Availability: Assistance is subject to the availability of funds.

 

Here is Affordable Housing.org’s example of how to 4:1 works:

Amount of money borrower has in savings and contributes to purchase: $7,500

Amount of money WISH matches (4 to 1): $30,000

Total money for home purchase: $37,500

 

To learn more about what the county has to offer, checkout their website here! 

For even more help on buying your first home, reach out to us today. We can help make this dream a reality. [email protected] 


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