Can I transfer a property with a “My First Home” loan into a trust?
No, homebuyers are not permitted to place the home under a trust while participating in the “My First Home” Down Payment Assistance Program.
FAQ Topic: My First Home Program FAQ
Are mobile homes eligible for the program?
No.
What if the applicants earn an inconsistent income?
We average out earned income by previous pay periods and project the average for the remaining pay periods of the year.
Can the buyer buy down the rate?
Yes. Processing time for your application will increase to account for coordination between all parties involved.
How are income limits determined?
We follow HUD guidelines for our low income category and the state’s Housing and Community Development guidelines for our moderate income category.
When do I submit my application?
At the opening of escrow
Will my application to a similar program in another city affect my application?
No.
Does the residential address have to be in Santa Ana?
Yes.
Can we apply this program to any residential property located in Santa Ana?
No, multi-family properties, including duplexes, triplexes, and properties with additional habitable units are not allowed. We only allow owner occupied residences.
What is a Seller’s Statement?
If the property being purchased was a rental property, a Seller’s Statement is required to declare that no individual was evicted before the sale.