|
Down Payment Assistance Program
|
|
The Opening Doors First-Time Buyer Down Payment Assistance Program is the Charity Foundation’s first major housing initiative. Our membership understands that the housing affordability crisis in southern California is a significant barrier to homeownership. For this reason, the “Opening Doors” program was created and is supported by PWR members.
- Help “challenged but worthy” first-time buyers to bridge the down payment gap
- Educate buyers about the financial obligations of holding a mortgage, thus making the dream of home ownership a reality for families in northern Orange and southern Los Angeles counties
- Maximum income levels (1-2 buyers) $111,480 for Orange County & $99,360 for Los Angeles County.
- Maximum purchase prices is $637,645 for Orange and Los Angeles Counties
- Buyer must contribute 1% of the sales price from their own funds towards the down payment
- Buyer may not have owned any residence within the past 3 years
- Minimum credit score of 620
- Pre-approval from a direct lender, not a broker
- Minimum five-year fixed-rate loan, full documentation (no stated income)
- Applicants must be represented by a PWR REALTOR® member
- Property must be located within PWR’s jurisdiction
- Short-sales must have written bank approval.
The Opening Doors program is available to any qualified buyer who purchases a property located in Orange or Los Angeles Counties.
Including:
|
|
|