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Opening Doors: The PWR Charity Foundation Down Payment Assistance Program
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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.
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The program’s objectives are to…
- 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.
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| Qualifications |
- Maximum income levels (2 buyers) $111,600 for Orange County & $90,960 for Los Angeles County.
- Maximum purchase prices is $729,750 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 who supports the PWR Charity Foundation through various fundraising activities.
- Property must be located within PWR’s jurisdiction.
- Short-sales excluded.
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