Homeownership

The Housing Trust provides meaningful financing options in the form of lower cost 2nd mortgages and down payment assistance to improve the ability of Orange County residents to fulfill their dream of becoming homeowners. In calendar year 2008-09, the Trust funded 64 second mortgages totaling $3,565,210.

Second mortgage loans up to $110,000 are available to first-time home buyers with incomes at or below 160% of area median income (AMI). The 30-year amortized loans have an interest rate approximately 1% below the market rate for first mortgages. The OCHT works with a variety of financial institutions to provide the first mortgages and to allow additional subsidies from city, county and state government or other programs that the borrower may qualify for to leverage OCHT funds.

Down payment assistance loans of $8,000 are made available to borrowers who are first-time buyers in Orange County, or current Orange County homeowners who reduce their commute to their place of employment by 30 miles a day. To qualify for this assistance the borrower(s) must have incomes at or below 160% of the AMI. The down payment assistance loan carries a 1% interest and is payable in full on the maturity date of the first mortgage or upon any sale, transfer, assignment or refinancing of the first mortgage.