Community Development
Neighborhood Stabilization Program (NSP)
City of Anaheim Neighborhood Stabilization Program
Homebuyer Down Payment Assistance
Up to $125,000 for FORECLOSED HOMES
Program Guidelines
Income Limits
Maximum allowable income is limited to amounts listed below.
|
Household Size
|
Very Low Income
|
Low Income
|
Moderate Income
|
|
|
50%
|
80%
|
120%
|
|
1
|
$32,550
|
$52,100
|
$78,100
|
|
2
|
$37,200
|
$59,500
|
$89,300
|
|
3
|
$41,850
|
$66,950
|
$100,450
|
|
4
|
$46,500
|
$74,400
|
$111,600
|
|
5
|
$50,200
|
$80,350
|
$120,550
|
|
6
|
$53,950
|
$86,300
|
$129,450
|
|
7
|
$57,650
|
$92,250
|
$138,400
|
Homebuyer Requirements
- No ownership interest in residential property at time of application.
- Proof of permanent legal US residency for all persons in household.
Cash Asset Cap
- $76,000 (excluding retirement accounts)
Minimum Investment
- Minimum of 3% cash down payment from borrower's own resources or gift from immediate family member. (Subject to Cash Asset Test)
Homebuyer Education
- Completion of HUD Certified Homebuyer Education Program.
Priority
- First-come, first-serve basis giving preference to: 1) Households that reside and or work in Anaheim; 2) All other eligible households.
- Additional program conditions may apply.
Property Requirements
- Foreclosed property only within eligible census tracts in Anaheim, fee simple title (not a land lease), single unit Single Family Residence, Condo, or Townhome, meet all city code and zoning standards.
Maximum Loan Amount
- Lower Income: Up to $125,000 (1)
- Moderate Income: Up to $100,000 (1)
City Loan Terms
- 30 year term; 3% fixed simple interest; deferred payments.
Occupancy Type & Requirements
- Must be Owner Occupied.
- Maximum number of bedrooms allowable equals total number of persons in household plus 1.
- Maximum number of occupants allowable equals total number of bedrooms multiplied by 2, plus 1.
Additional Financing
- City Rehabilitation Loans are available to correct property code violations and health and safety defects.
First Mortgage & Additional Financing
- City-approved lender, 30 year fixed interest rate mortgage.
- Compatible with conventional, FHA, FNMA, and other government assisted loans.
- Full documentation and full amortization.
Maximum Housing Costs (Principle + Interest + Taxes + Insurance)
- 30 - 35% of gross income for lower-income households.
- 40% of gross income for moderate-income households.
Tax Credits
- California state tax credit of $10,000 available on brand-new homes used as primary residences. There is no first-time homebuyer requirement. California funds distributed on a first-come, first-serve basis.
- Federal tax credit of $8,000 available to first-time buyers purchasing a brand-new or resale home as the primary residence.
- See your individual tax consultation for full details.
(1) Based on gap financing and the availability of City funds.
Contact Aaron Zapata for more information: (714) 904-7877
Click on the Buttons to access the Documents you need to apply for this program.