Introducing the HOA Grant Program for the qualified First Time Home Buyers
The California Association of Realtor’s Housing Affordability Fund continues to assist first time home buyers in Southern California. Eligible first-time homeowners can now take advantage of CAR’s Homeowners Association (HOA) Grant.
What Are The Terms Of The Grant?
CAR’s Homeowners Association Grant program (HOA Grant Program) offers first time home buyers in Southern California up to 6 months relief from HOA payments. The grant is not to exceed $2,500 per recipient. The Housing Affordability Fund has allocated one million dollars to the HOA grant program. The HOA Grant program began in December 2016 and will run until funds are exhausted. Funds are distributed on a first come first serve basis.
What Are The Qualification Requirements?
Frequently asked questions on the California Association of Realtor’s website reveal the requirements of the program. They are as follows
- Home buyers must use a California REALTOR® in the transaction.
- Purchase a primarily single-family residence in California with the intent to occupy the property as your primary residence.
- Be a first-time homebuyer*.
- Buy a home with applicable HOA dues/fees.
- The purchase price of the Single Family Dwelling must not exceed 150% of the mortgage limit set by the FHA for one-family units in the county in which the Single Family Dwelling is located.
- You must have used the financing to purchase the Single Family Dwelling and must not have paid all-cash for the purchase.
- You must apply within 30 days after the close of escrow.
Why Should You Wait Any Longer?
Funds for the program are limited and your first home is around the corner. Put the money into any number of other projects around your new home or save it as you will. Fill out your part of the forms by following the link above and I’ll immediately get the ball rolling.
Sincerely, Gerry Goodman.