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Home Owner's Association (HOA) Dues Assistance Program
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“Opening Doors” is the Pacific West Association of REALTORS® Charity Foundation’s (PWRCF) Home Owners Association Assistance Program. The program was established as a means for the REALTOR® community to assist with the housing affordability crisis by helping families achieve the American dream of home ownership. In 2007, the “Opening Doors” program granted $225,000 in down payment assistance to local first-time buyers and in 2009 an additional $200,000. The program is a benefit not only to the community, but also to PWR REALTOR® members who may offer this program to their clients.
- Maximum income levels (1-2 buyers) $111,480 for Orange County & and $99,3600 for Los Angeles County.
- Maximum purchase price is $400,000 for Orange and Los Angeles Counties.
- Buyers 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
- Minimum five-year fixed-rate, full documentation (no stated income) loan.
- Applicants must be represented by a PWR REALTOR® member.
- Property must be located within PWR's jurisdiction.
- Short-sales must have written bank approval.
- Property and Home Owners Association must meet agency standards and pass review of PWR Underwriters (occupancy ratios apply, pending litigation, leased land, insufficient reserves not allowed)
- Condos & True Pud’s allowed – no condo hotels
- Other qualifications and restrictions apply.
The Opening Doors program is available to any qualified buyer who purchases a property located in Orange or Los Angeles Counties.
Including:
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