SCHFA First Home Mortgage Assistance Program

SCHFA-Orange-County-Homebuyer-assistanceThe Southern California Home Financing Authority’s (SCHFA) First Home Mortgage Program provides a 4% down payment assistance grant for first time homebuyers in Orange County, California.

The SCHFA homebuyer assistance program is a true first time homebuyer grant that will help eligible buyers in Orange County, CA and Los Angeles County overcome the largest obstacle to buying a home…..which is saving up enough money for the down payment or pay closing costs.

Four unique features of the SCHFA First Home Mortgage Program:

  1. Up to 4% grant & does not have to be repaid
  2. High maximum income limit of $136,500!
  3. Non-occupied co-signers allowed
  4. DO NOT have to be a first time home buyer if buying in a Federal Govt. designated ‘target’ census tract

I think the SCHFA Homebuyer Assistance program will be most effective for first time buyers the most in cities of: Yorba Linda, Fullerton, Placentia, Orange, Santa Ana, Anaheim, LaPalma, LaHabra, Garden Grove, or anyone buying a condo/townhome throughout Orange County.

SCHFA Funds are Still Available

Contact me here to learn more about the SCHFA homebuyer assistance program and compare it to other programs you may be eligible for.

How To Qualify: SCHFA Borrower Eligibility & Guidelines

  • Must be a first time homebuyer (not owned for 3 years – unless buying in an IRS targeted census area)
  • Minimum 640 credit score
  • Grant Amount depend son FICO credit score
    • 640-659 – Receive 3% grant
    • 660 or higher – Receive 4% grant
  • Max 45% DTI income
  • Eligible Area: all of Orange County & LA County (not LA city)
  • Works with either FHA or VA financing
  •  $417,000 Maximum Loan Limit
  • Can be combined with a Mortgage Credit Certificate (MCC)
  • First time homebuyer education class is required
  • Non-Occupied co-signers are allowed

SCHFA First Home Income Limits

The First Home Mortgage Assistance program is intended to help moderate income first time homebuyers in Orange County and LA County.  Maximum income is determined by the number of people living in the household.

  • Orange County
    • 1 to 2 Persons = $117,000
    • 3+ Persons = $136,500
  • Los Angeles County
    • 1-2 Persons = $104,160
    • 3+ Persons = $121,520

Property Eligibility

  • Primary Residence / Owner Occupied only
  • SFR, Condo & townhomes (1 unit only)
  • Sales Price Limits
    • Non-Targeted area $673,615
    • Targeted area $823,308

Who to Contact & How to Apply for SCHFA First Time Homebuyer Program

The most important thing to consider when applying for this Orange County homebuyer assistance program is to make sure the lender is actually approved to offer it (most aren’t).  And possibly even more important, make sure the Mortgage Loan Originator helping you specializes in these niche mortgage programs (most don’t).

SCHFA does not lend money to directly to borrowers.  Buyers must work directly with an approved lender (like me).

Contact me, a SCHFA approved lender, to determine how much you qualify for and what your monthly payment will be.

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