This page was printed from the City of Brea's website.
http://www.cityofbrea.net

Homebuyer Assistance Program

This program provides up to $225,000 in financial assistance to qualified applicants to purchase a home in Brea.  The Agency no-interest loan is recorded as a second mortgage on the property with no payments for the first five years and principal only payments in years six through thirty.  If the home is sold, the Agency receives a portion of the equity in place of interest.  To participate, applicants must be able to pay at least three percent of the purchase price toward the down payment and related closing costs - a minimum of $10,000.  Additionally, the applicant's income must fall within maximum annual income guidelines.


Current income limits are listed in the chart below.  (NOTE: You must include the income of all persons in the household who are 18 years of age or older.)

HOUSEHOLD
SIZE

MAXIMUM ALLOWABLE
GROSS INCOME
(effective 6/10)

1

$73,300

2

$83,750

3

$94,200

4

$104,650

5

$113,050

6

$121,400

7

$129,800

8

$138,150

Please note that there is a waiting list for this program.  If you would like to have a brochure/application mailed to you, click here to send an e-mail request. You may also call (714) 671-4482 to request the information.

From time to time, the City is able to offer homes for sale at a below-market price (inclusionary units).  Please note that completing and returning the application for the Homebuyer Assistance Program will also place your name on the waiting list for any inclusionary units which become available in the future. There is no separate application for these units.

Mortgage Credit Certificate Program  

  • The Mortgage Credit Certificate (MCC) Program, administered by the County of Orange, enables first-time homebuyers to receive a federal income tax credit of up to 15% of the annual mortgage interest paid.
  • The MCC reduces federal income tax, increases take-home pay, and increases the qualifying loan amount for homebuyers.
  • Program assistance is available only to income-eligible persons and families who have not owned a home in the last three years.
  • The property must be a single-family detached home, condominium, or townhouse located within the County of Orange.
  • Participants must occupy the home.

For more information, contact Laurie Sachar at (714) 834-6009. 


COUNTY ASSISTANCE:

If you are interested in the down payment assistance program offered by the Orange County Housing and Community Services Department, you may visit their website by clicking  here.