HOME BUYER ASSISTANCE PROGRAM
THERE IS CURRENTLY NO FUNDING AVAILABLE FOR THE HOMEBUYER ASSISTANCE PROGRAM AND WE DO NOT ANTICIPATE FUNDS BEING AVAILABLE IN THE NEAR FUTURE. Please continue to check this website for updated information. Thank you for your interest.
The Homebuyer Assistance Program provides deferred 45 year second mortgages to low and moderate homebuyers for purchase of a single family detached home, condominium or townhome in the City of Costa Mesa. The maximum loan amount is determined on an annual basis by property type. This second mortgage helps to bridge the gap between the first mortgage and the purchase price of the home, and is based on the current median for incomes and home prices.
To be eligible for the Program, applicants 1) cannot have had ownership interest in a property within the past three years; 2) must have enough funds in savings to contribute three percent (3%) of the purchase price as a downpayment; and 3) must be planning to purchase a primary residence in the City of Costa Mesa that does not exceed the median home price, as determined annually by the Redevelopment Agency. Additionally, applicant's gross household income cannot exceed 120% of the Area Median Income for their appropriate household size. Current income limits* are as follows:
| 1 person |
$73,250 |
| 2 person |
$83,700 |
| 3 person |
$94,200 |
| 4 person |
$104,650 |
| 5 person |
$113,000 |
| 6 person |
$121,400 |
| 7 person |
$129,750 |
| 8 person |
$138,150 |
* Income limits and purchase price are subject to change.
Additional restrictions apply. For full Program criteria please download the below document:
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