REO Pro - Real Estate Default Professionals

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New Homebuyer's Downpayment Assistance Program

Did your buyer's miss the first time hombuyer's tax credit? Well worry no more! My association has initiated a program that is unique to any Realtor association in the country. It provides grant money upto $7500 for your downpayment and /or $3000 HOA assistance for qualified buyers. Basically if you make less than $100000 and can get a bank loan through a direct lender, you qualify. You must also attend a homebuyer class but a little education always is good insurance. The process is similar to the information needed for a loan and although you need 3 years of tax returns, that is easy if you request them from the IRS using a special form.

Here is the 411 on the program:

  • 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 PWR's jurisdiction, which represents 26 cities in Central/Northern Orange County and the Southeast Los Angeles County.

Anaheim/Anaheim Hills, Brea, Buena Park, Cypress, Fullerton, Garden Grove, La Habra/La Habra Heights, La Mirada, La Palma, Lakewood, Long Beach, Los Alamitos, Norwalk, Orange, Pico Rivera, Placentia, Rossmoor, Santa Ana, Seal Beach, Signal Hill, Stanton, Tustin, Villa Park, Westminster, Whittier, and Yorba Linda.

Sorry I would love to help those in the Inland Empire with this but my association limits this to its service area.

I can help you obtain the reqired documentation as well as the form which I can email you. You just need to ask me for it! If you are an out of the area realtor, we can work togther for the benefit of your client!

Funds for this program are limited so lets's get this process going now!

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